S & P 500
The S & P 500 initially fell during the course of the session on Thursday, but turned to form a hammer. We have seen a hammer for the last 4 sessions and suggesting that there is more than enough buying opportunities every time we popped, and a massive amount of support below. This being the case, it is very likely that eventually will break to the upside. If we break below the bottom of these hammers, which does not really matter, because I see a tremendous amount of support down in 2125. Mango However, I am “only buy” at this point in time and do not have no interest in selling. I think that eventually go to the level of 2250, but could be a bit of a rocky road between here and there.
The NASDAQ 100 initially fell during the day on Thursday, but turn back around and formed a hammer. The hammer was preceded by another hammer, so this shows to what extent the upward pressure in the NASDAQ 100 now. Ultimately, I think we continue to go higher, but setbacks may be necessary as they are a little overextended at this point in time. Anyway, I have no interest in selling this market and I think we will continue to see some buying opportunities every time you pull back.
The explosion we’ve seen recently has been a bit exaggerated, however, so I’m a little hesitant to jump immediately. I think that given enough time we will see some upward pressure but at this moment I feel that this is a market that can be a bit recently reheated. With that, I feel is coming value.