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The S&P 500 Index had a slightly negative week by the close of business on Friday, but it should be said that the candlestick was relatively neutral. More importantly, it looks as if the 1400 level has held as support, and that the upward pressure continues. There are many out there that think the Federal Reserve is going to ease its monetary policy in the near term, and as such many will be going into the stock market.
The chart does look healthy, and a break above the highs for the previous week would be a good sign for the S&P 500. On that move, we are more than willing to buy S&P 500 futures, and possibly some kind of high beta play such as financials. As for selling the S&P 500 in general, we are not interested as we see far too many support levels below.