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Rant & Rave Blog

S&P Breaks Out: This Is Where It Is Likely Going (NYSEARCA:SPY)

Posted by Gareth Soloway Tuesday, March 01, 2016, 01:45PM ET

Read 1411 times

The markets sold sharply yesterday. Global worries about growth, energy, banks all on the mind of investors. Today, a totally different story. It all started with Asia overnight. The Nikkei 225, Hang Seng Index and Shanghai all rallied higher as China pumped $700 billion Yuan into their economy. In addition oil held strong following a significant rally off the lows in recent days and Europe also popped higher in early trading.  Deutsche Bank AG (NYSE:DB), the most important European bank is rallying over 4% today. The S&P 500 has taken out the technical resistance of 1950 (the pivot high from Friday). This market is in squeeze mode now. Too many shorts thought the market would collapse off the 1950 level. This level was highlighted by many traders on @CNBC and other networks. If you learn one thing, always remember, when too many 'Pros' are saying something, the market will do the opposite.

 

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The S&P 500 is heading to 2005 as a target. That means there are almost another 30 points higher before significant resistance. It is even possible to see 2020 on the S&P. Note the chart below showing the SPDR S&P 500 ETF Trust (NYSEARCA:SPY). This is the S&P tracking ETF and the chart shows the target perfectly.

 

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Gareth Soloway

Chief Market Strategist

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