Market Overview

S&P the Gift that Keeps on Giving-

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S&P the Gift that Keeps on Giving-

 

Equities are little changed this morning after the S&P has found a high of, wait for it, 1631 late last night. Still the S&P is hanging strong and we are not looking at 1631 being a top but this is our first target, with still 1655 being the ultimate upside target. With a solid Jobless Claims number we will likely trade through this level. Look for a pull back to 1623 as a buying opportunity, our light resistance coming into the week. Just as the market pulled back late in the afternoon yesterday giving traders an opportunity to buy against 1623 before a rally into the close. European stocks are under some slight pressure this morning after reaching an almost five year high. This may help traders find that support level this morning. Additionally, Britain left their benchmark and QE total unchanged as a nonevent this morning. Upon a disappointing number, pullbacks this week should not move lower than 1614.25-15.25 to remain in a strong immediate uptrend.

 

Resistance -  1631***, 1655***
Support -1623**,1614.25-15.25**, 1605*, 1600*, 1593-95.50***

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Markets Trading Ideas

 

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