Thank you for the amazing feedback I’ve received for my daily commentary and analysis! I have to admit, I’ve been very impressed with how the market has responded to my levels during summer trading…and I can’t wait to see how much bigger the moves will get once the volatility returns!
The market continues to trade near the overall highs of the year, which continues to show how impressively bullish this market has been. My focus remains to buy pullbacks within the corresponding bull trends of each of the markets I follow. The NASDAQ remains a major index to follow, as its tightly-coiled range suggests a major breakout move could be around the corner.
The S&P 500 futures are approaching a major level of support at 1670, with an additional band of support that spans from 1665 to 1666.25. How price responds to this zone could tell us how the market will react throughout much of the early part of the week.
The market continues to be extremely bullish, with every dip being swiftly bought up by the bulls. In my opinion, the market is now nearing another decision point, as the S&P 500 futures continue to hold below the major resistance zone of 1700 to 1705.
The market experienced a mild two-day dip, and that’s all that was needed for the bulls to take advantage of another buying opportunity. The S&P 500 and NASDAQ 100 futures are both pushing higher heading into the RTH open, and overnight volume was the healthiest of the week, so more upside could be seen ahead.
