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My indicators are giving bullish readings this week, a slight upgrade from last week’s bullish-to-neutral signals.
And with the S&P 500 Index just over 1% from its all-time high set back in February, I wouldn’t be surprised to see new all-time highs this quarter.
I do expect that the previous high will act as strong resistance, but any pullbacks will likely be contained by short-term support around 3,280.
Below that, the rising 50-day moving average should also provide some support.
I’ve said many times lately that it’s the large-cap tech stocks that are lifting the market. That holds true today, and as traders we need to go with the flow.
Right now, there is an enormous amount of money flowing into the market thanks to the Federal Reserve.
Total assets held by the Fed have fallen back slightly, but they are still just below the $7 trillion mark — up from $4.1 trillion in February…
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