S&P 500 rallies slightly during the trading session on Monday

The S&P 500 has rose a bit during the trading session on Monday, reaching towards the 2785 handle, and I think if we can break above there, the market should then go looking towards the 2800 level followed by the 2900 level. Short-term pullbacks should continue to be buying opportunities, and I think that longer-term attitude should continue to be very bullish, especially as the United States seems to be one of the stronger economies around the world, at least at the moment.

There are a lot of geopolitical headlines that worry about though, and that of course can have an effect on the S&P 500. The meeting between the United States and North Korea will take center stage today, and if we get good headlines out of there, it’s likely that the market will continue to go higher as well. I see significant support below at the 2750 handle, the 2725 handle, and the 2700 level which I think is essentially the “floor” of the short-term uptrend. Longer-term, I think that we continue to go to the 3000 handle, but this could take some time to get there. S&P 500 traders continue to be bullish, and we have seen a significant amount of momentum over the last several days to reinforce the bullish tendency. I have no interest in shorting, at least not until we break down significantly below the 2700 level. This is a market that continues to be very noisy.

S&P 500 Video 12.06.18