S&P 500 breaks out again during the Thursday session

The S&P 500 exploded to the upside on Thursday, breaking above the 2700 level and showing no signs of pulling back. Because of this, it looks as if we are getting ready to enter a somewhat impulsive move to the upside, and I look at short-term pullbacks as buying opportunities in what should otherwise be a very bullish situation. Stock markets have been pummeled as of late, so it makes sense that value hunters have returned. I would now look at the 2675 region as a floor in the market, and I believe we will not breakdown below there anytime soon.

Longer-term, I’m looking at 2800 as the target, and then eventually 3000. I think that we have shaken out a lot of the “hot money” in the market, and I think they will come back in and try to take advantage of the massive momentum that we have seen. I believe that the market continues to offer plenty of opportunities on these pullbacks, as it offers value and of course people will have to worry about missing out of what could be a massive move to the upside. I like the idea of picking up value as it appears, because quite frankly that’s the very crux of trading. Have no interest in shorting, least not until we break down below the massive uptrend line underneath. This is a market that continues to show strength regardless of volatility.

S&P 500 Video 11.05.18