S&P 500 relatively flat to open the week

The S&P 500 has rallied a bit during the day on Monday, but just slightly so as I record. The 2700 level underneath should be supportive and remember that recently we have broken out from a massive wedge, which of course is a very bullish sign as well. I think that short-term pullbacks will continue to be buying opportunities, and that value hunters will continue to go to the upside. I think that even if we break down below the 2700 level, there is a significant amount of support from the previous downtrend line, so right now I don’t have any interest in shortening.

Longer term, I believe that we will go looking towards the 2800 level, with the 2750 level being a slight amount of resistance, but I believe that any pullback from that area will probably offer value as well. Expect a lot of volatility, as the stock markets have a lot to take in. However, I believe that the bullish momentum should continue. The tech and healthcare sectors both lifted US stock indices in general, and this has the idea of the S&P 500 going higher making a lot of sense. Trade tensions have reduced the bid between the United States and China as well, so that of course is a bullish sign. The US dollar started out the week somewhat soft, so that a course has also helped. Ultimately, I believe that when we pull back there will be plenty of opportunities to take advantage of a nice uptrend.

S&P 500 Video 15.05.18