After a huge up day to close out the holiday shortened week the market looks to continue its historic rally. It should be a interesting week as we see many top companies report earnings. We start the week near important resistance on the SPX chart around 850 and I think we should see 876 this week as a possible target if we hold Thursday's rally. We really could be heading straight towards Dow 9000 by Memorial Day in my opinion.Economic data this week includes:
Tuesday- PPI, Retail Sales, Business Inventories
Wednesday- CPI, Empire Manufacturing, Capacity Utilization, Industrial Production, Beige Book
Thursday- Building Permits, Housing Starts, Jobless Claims, Philly Fed
Friday- Michigan Sentiment
After a 3 day weekend I like to start the week off neutral and let the market show me where it wants to go. The futures are pulling back 7 ES points right now and could give us a negative start. The daily trading hours pivot on the ES is at 848.75 so above that and you gotta be bullish but if we can't get over that mark then they might try to at least half gap fill the Thursday gap up.
I see alot of people saying that this is the top and the VIX is now at 36 so that means the market is done ralying. Um no. the market will be done going higher when it stops going higher. Until then just trade what you see and not what you hope for.
1 comment:
lol the VIX is just a statistic it is still really high when looking at it in a historical context. I find it funny how over a year ago people freaked out when the VIX when over 30 for 5 minutes intraday
Post a Comment