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Published on Aug 5, 2016
The
S&P 500 index rally during the course of the session on Friday,
breaking above the 2180 handle. This was in reaction to be stronger than
anticipated jobs number, and as a result it looks like we are trying to
break out to the upside and perhaps reach to much higher levels. At
this point in time, I still have a target of 2250, and believe that as
soon as we pullback from rallies, we will more than likely find
supportive candles that we can take advantage of based upon “value.”
Given enough time, we do go higher and I believe that this market has a
“floor” at the 2125 level below.
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