S&P 500
The S&P 500 broke higher during the course of the session on Wednesday, using the 2060 level as a springboard. The market looks as if it is ready to continue going higher, and a break above the 2080 level sends this market to the 2100 level, which is exactly what has happened during the day. With this, I think that we will not only reach the 2100 level, but we will eventually break out above it. We may have to pullback in order to do so, but I look at those pullbacks as value of it should be bought. I have no interest whatsoever in selling the S&P 500, I believe that there is more than enough bullish pressure below to continue the move higher and therefore I am “buy only” when it comes to the S&P 500, as well as all other US indices.
NASDAQ 100
As mentioned above, I am willing to buy US indices, but also recognize that it isn’t necessarily going to be the easiest move to go higher. After all, there is a lot of noise between here and 4725, and with that I think that it will be choppy on the way higher, and a pullback will more than likely continue to attract buyers as well. With this, the buyers should continue to go higher, and as a result I bullish but I also recognize that it will be a short-term and choppy market to the upside.
I believe that the 4400 level below is the absolute floor in this market, but given enough time the floor will rise from there, perhaps to the 4500 level. It is going to be a real struggle to go higher, but eventually I think we even got above the 4725 level, and reach towards 5000. However, that is a very long-term call from me, and I do not expect to see that anytime soon. I believe short-term traders and specifically binary options traders will continue to be attracted to this uptrend.
