S&P 500

The S&P 500 went sideways during the week, but we continue to see support just below at the 2450 handle. I believe that the market continues to reach towards the 2500 level, which should be resistive. I think that the market is probably going to consolidate at this point, so therefore short-term pullbacks might be buying opportunities. Quite frankly, I prefer trading vertical spreads if I get the opportunity, as opposed to being involved in the CFD markets. If I do have to trade a futures position or a CFD market, then I want to buy dips that get closer to the 2450 handle. Ultimately, this is a market that I think should continue to go to the upside… Read More

Dow Jones 30

The Dow Jones 30 rally during the week, slicing through the 2200 level. The fact that we have done this suggests that the Dow Jones 30 should continue to go higher. I like buying pullbacks, as they offer value, and the market has now cleared the psychologically important 22,000 level. I have no interest in selling this market, and quite frankly if we drop, I would expect the 21,500 level to be massively supportive. This is a market that continues to find strength due to stronger than anticipated earnings, and of course a stronger than anticipated US economy… Read More

NASDAQ 100

The NASDAQ 100 went sideways as we continue to go back and forth around the 5900 level. This is an area that continues to be very resistive, and therefore I think we could get a little bit of a pullback. I pullback should be a buying opportunity though, and I think that the market should eventually go to the 6000 handle above. This is a strong uptrend, so therefore I don’t have any interest in selling and I look at pullbacks as an opportunity to take advantage of the massive uptrend that we have been in for some time. Tech stocks have been a bit overbought as of late, so I suspect what we will see is a little bit of consolidation, perhaps a short-term dip, and then eventually people will come in to take advantage of what has been one of the more reliable trades over the last several months… Read More

This article was originally posted on FX Empire

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