Is 1,500 the Next Stop for the S&P?
iiTrader Founder & Chief Market Strategist
Can S&P make a run for 1, 500? After a solid three day run, equities trended lower Thursday morning. Monday started out the week with an outside bullish day that proved to follow through. The S&P 500 index is running into a slight wall at the 1, 466/68 area which is a double in the last 35 days, ultimately proving to be a resistance point. Traders appear to be taking China's lackluster gross domestic product data and soft U.S. jobless claims in strife. That's a good thing.
So how should you play the levels? I will be looking to buy the first test down at 1, 447 if the market allows. The 1, 452 level should also prove to be a solid support level ahead of jobless claims data. Only a close back below 1, 441 will start to create doubt about whether this market will be able to follow through in the immediate term, and a close back 1, 433 will turn the action bearish.The bottom line is that bulls may want to buy the breakout.
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