S&P 500
The S&P 500 rallied during the day after initially falling on Monday, showing signs of support at the 2550 level. I believe that the uptrend continues in this market, and we will continue to gain as earnings season should give us plenty of reason to go back into the stock market. I believe that the 2540 handle underneath continues to be massively supportive, and I think that although we are overbought, the time we dip people will be looking at this as value just waiting to happen. That being said, expect quite a bit of noise in this market, but longer-term I think that we will continue to find reasons to go long. I believe that the bottom of the overall uptrend is at the 2500 level, so I believe that there will be plenty of buying opportunities.
Nasdaq 100
The Nasdaq 100 exploded to the upside as well, as most of the FANG stocks continue to rocket to the upside. I believe the pullbacks should continue to be buying opportunities, with the 6050-level underneath being massively supportive. I think that every time we pull back, there are plenty of buyers just waiting to pick up the Nasdaq 100 as it has been a leader when it comes the US stock indices. I have no interest in selling, and believe that we will eventually go looking towards the 6200 level which is based upon the recent breakout of the ascending triangle. That being said, I have no interest in shorting and I believe that the longer-term market move should continue to favor 6200 at the very least, if not much higher than that.
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