S&P 500
The S&P 500 has rallied a bit during the trading session on Friday, as we continue to see a lot of noise, reaching towards the 2750 level above. That’s an area that has caused quite a bit of noise in both directions, and it now looks as if it is short-term resistance that perhaps the market will be able to go higher if it clears. The 50 day EMA is going to offer plenty of support, and I think that the 2800 level above is going to continue to offer plenty of resistance. Because of this, it’s only a matter of time before we make another attempt at that juicy target, and if we can break above there it should slingshot this market much higher. The 3000 level above should be the target, and I think that every time we pull back, it’s likely that value hunters will continue to jump in, because weekly charts show hammers in the recent past.
NASDAQ 100
The NASDAQ 100 rallied a bit during the trading session on Friday, moving towards the 7075 level. If we can break above the 7100 handle, I think that the market will then go to the 7200 level above, with the 7000 level underneath being support, as well as the 50 EMA that I have marked on the chart. The NASDAQ 100 has bounced back quite nicely for the week, wiping out most of the losses at one point or another and showing 7000 to be important. I think it’s only a matter of time before the buyers come in and push to the upside, but if we were to break down below the 6900 level, I think that perhaps we could continue to drop even further to go looking for support below.