The S&P 500 market has drifted a bit higher during the trading session on Tuesday, reaching towards the 2800 level above. I think that the market is trying to build up enough momentum to finally break out above there, but it’s going to take quite a bit of bullish pressure to do so.
The S&P 500 has gone a little higher during the trading session on Tuesday, as it looks like we are ready to reach towards the 2800 level. I think that if we can break above that level, it’s likely that we are going to continue to go higher. Short-term pullbacks are buying opportunities, and with that being the case it’s likely that the 2770 level underneath will offer support, and most certainly the 2750 level will as well.
If we do break above the 2800 level, the market is very likely to go higher, perhaps reaching towards the 2850 level over the longer-term. The S&P 500 will of course offer buying opportunities on these dips as the market certainly favors the upside overall. That’s not to say that it will be easy, but I think eventually we will go higher. Ultimately, the S&P 500 is a great barometer on the global market risk appetite, which seems to be doing a bit better over the last several days. The jobs number last week of course helped, so I think that the S&P 500 will continue to find plenty of value hunters on dips.
I have no interest in shorting whatsoever, and I believe that it is only a matter of time before being patient will offer a nice opportunity to take advantage of a strong trend. We’ve heard a lot of “doom and gloom” when it comes to the stock markets, but the resiliency is obvious.