The S&P 500 has been very noisy during the trading session on Thursday, as we continue to see a lot of bouncing around. If we can break above the 2850 level, the market will eventually go higher, perhaps reaching towards the 3000 level. In the meantime, I look at this market is when you should avoid until the end of the day, as it’s likely that the jobs number will cause a lot of choppiness in this market, so I would prefer to wait until we break either above 2850 or prove some type of support near the 2800 level. I believe that the markets will continue to be very noisy and bullish, but a pullback could be looked at as potential buying opportunity.
Longer-term, I believe that 3000 will be targeted, but I also know that is can you take a long time to get there. I believe that the 2800 level is massively supportive based upon a structural ascending triangle that we had formed there, and I think that the breaking of that level would be very negative. I don’t think it’s going to happen though, and I think that most of Wall Street is hell-bent on reaching the 3000 handle. How long it takes to get there of course is an entirely different situation. We for the daily close, and of course my analysis on the S&P 500 as to where we could go.