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- The S&P 500 initially pulled back just a bit during the trading session on Tuesday, only to turn around and show buyers jumping back into the market, as it looks like we are trying to do everything we can to continue the overall uptrend.
- This is a market that likes momentum overall, as the strength is obvious at this point in time.
- All things being equal, this is a market that typically moves on momentum and habit.
Whether or not we can break out remains to be seen, but I would definitely be interested in watching this market right around the 5,775 level, because if we can clear that level, we could go much higher. In general, that opens up the possibility of a move to the 5,800 level, possibly even the 6,000 level. Short-term pullbacks offer buying opportunities, and it looks to me like the $5,650 level offers a bit of a floor.
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In general, this is a market that I think will be very noisy, but I do think that the positivity continues because quite frankly, momentum itself can drive this market higher. Furthermore, you have to keep in mind that the Federal Reserve is in fact cutting rates and that of course gets people excited to buy stocks Economy Continues to Look Strong
Beyond that, employment looks good in the United States and as a result, that means that profits are probably going to continue to be a factor in pricing in stock prices for the biggest companies in the US. I have no interest whatsoever in shorting this market and at this point in time, it looks like the 50 day EMA is trying to catch up in order to truly drive home the idea of this market breaking out. Ultimately, I do think that we are going to look to the 6,000 level and we might even get there in the next few months. However, we will have the occasional pullback that comes into the picture.
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