The S&P 500 was choppy as expected yesterday. Should see SPX start the day on the back foot today but doubt it is very long lasting as it should open not far from support at 2698. Should firm up there and rise into tomorrow.
The S&P 500 stayed on track yesterday and filled the gap to the March 21st close. There may be a small stutter step this morning but think there should be more upside left in the swing up from April 13th. 2703 and 2697 SPX are supports for the morning.
The game plan for the SPX remains the same as yesterday, grind higher to at least the 2712-2715 area if not 2733 before much of a consolidation.
We will see if the S&P 500 can finally break over the April 5th and March 5th swing highs today. They tried early last Friday but was not able to sustain it. By the look of the futures as I type, SPX will likely open near 2672. Once over 2672, play for at least 2688 but by that point they should push for 2712 to 2715 SPX.
I did a little work on the big picture in the QQQ’s, the ETF for the Nasdaq 100 index, today so that is a good starting off point for this review of the big picture for this week.