S&P 500
The S&P 500 initially fell during the day on Tuesday, and then shot towards the 2050 level. We closed at the very top of the range, and that of course is a very bullish sign. Given enough time, I believe that the market will then reach towards the 2100 level. I think the pullbacks between here and there would continue to be buying opportunities. I also recognize that the 2020 level looks to be very supportive, and as a result it’s very likely that pullbacks to that area should attract buyers. I also believe that the absolute “floor” in the market is somewhere near the 2000 handle. With the Federal Reserve stepping away from at least some of the interest-rate hikes later this year, it makes sense that the S&P 500 continues to go much higher.
Nasdaq 100
The Nasdaq 100 rose drastically during the course of the day on Tuesday, using the 4400 level has a bit of a springboard. The market broke above the recent highs, and as a result it looks like we are ready to continue to go even further. In fact, were getting very close to the 4500 level above which is what I have been looking at as a target for some time. With this, I think that sooner or later we will break above the 4500 level, and grind our way to the 4720 handle. However, it is very likely that the market will continue to find buyers every time it pulls back, and I also believe that the large green candle for the day is a sign that the buyers have returned.
I believe that the absolute floor in the market is somewhere near the 4300 level, so it is only a matter of time before the buyer’s step into this market between here and there if we pullback, with that, I remain very bullish.
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