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Published on Aug 11, 2016
The
S&P 500 broke higher during the course of the session on Thursday,
but as you can see we are still just below the top of the couple of
shooting stars. Ultimately, a pullback from here should be a buying
opportunity as we have seen such a massive breakout recently. This is a
market that has had quite a bit of bullish pressure in it, so it makes
sense that we been consolidating a bit in order to build up pressure. A
pullback should represent value, and I believe that at this point in
time the 2125 level is now the “absolute floor” in the uptrend that was
this market looks very likely. I believe at this point time the S&P
500 will continue to reach towards the 2250 handle.
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