S&P 500
The S&P 500 has rallied significantly during trading on Friday, reaching towards the 2740 handle. Eventually, the market could go higher, perhaps reaching towards the 2800 level above. I think that short-term pullbacks should be buying opportunities, as the jobs number warrants a bit of a “risk on” attitude. I think that Donald Trump announcing that the discussions with the North Koreans are in fact going to happen on June 12 should send this market higher over the longer-term. I think that the 2700 level is going to offer significant support, not only based upon the large, round, psychological significance, and of course the previous resistance that the market had seen here. The uptrend line should continue to keep the market afloat below all of the section anyway. Longer-term, I think that the market should go looking towards the 3000 handle.
NASDAQ 100
The NASDAQ 100 broke higher during the trading session on Friday, clearing the top of the shooting star on Thursday. This is a very bullish sign, as we have finally left the 7000 handle in the rearview mirror. This is a very bullish candle, and that of course suggests that we should have some continuation going into the early part of the week. I think short-term pullbacks offer buying opportunities, and I think that the 7000 handle should now be massively supportive. Longer-term, will be aiming for the 7200 level, which of course has been resistance in the past, but I think we will eventually break above there as well as it seems to be that market participants are starting to warm up to the idea of the uptrend continuing longer-term. I have no interest in shorting this market anytime soon.
