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The S&P 500 index had a phenomenal day during the Thursday session as the highs were smashed through. The fact that the 1425 level has finally given way as resistance suggests that we will go much higher. Of course, there is nonfarm payroll numbers coming out later today, and this will move the markets in one direction or the other. But the fact that this happened the day before that announcement shows the overall bias of the market.
Because of this, as long as we stay above the 1400 level we are willing to buy dips in this marketplace. We think that the jobs number will of course have an effect, but if there is a selloff we will be looking to buy supportive short-term candles in the S&P 500 futures market.