Near Term Trend: Bullish
Fridays Close: 2434.50 (+2.50)
UPDATE: Last week, I suggested buying pullbacks to 2,414 with an upside target in the range of 2,477 to 2,537.
The S&P futures treaded water this week giving the bears some hope and the bulls even more confidence than theyve already built up. My view is that the bears hope may be premature. Im still calling for a move to the 2477 2537 range before I feel the risk to short-sellers will be minimized.
I continue to recommend buying S&P futures on a pullback to 2414 with stops in place on any daily close below that level and with an upside target range of 2477 2537. Im still calling for a decline to 2176 level at a minimum once a top is set in the resistance range.