The S&P 500 moved to a new high in yesterday's trading, moving ahead of my 1,776 price point. Although volume was light, the move to higher prices suggests that a continuation in the trend.... i.e. still higher prices. I am supposing that traders are more confident following comments from Yellen. The price change for the S&P 500 and the sector groups are, as usual, shown below.
The next price point to watch will be the 1,800 level on the S&P 500, as some fib level suggest this point. Additionally and in my experience, traders and investors like to hit round numbers. In the short-term, this is my price target. Looking at the demand picture, the supply/demand dynamics improved on the trading day with most the strongest sectors on price percentage basis also showing stronger price/volume levels. Telecoms and utilities continue to lag.
The next price point to watch will be the 1,800 level on the S&P 500, as some fib level suggest this point. Additionally and in my experience, traders and investors like to hit round numbers. In the short-term, this is my price target. Looking at the demand picture, the supply/demand dynamics improved on the trading day with most the strongest sectors on price percentage basis also showing stronger price/volume levels. Telecoms and utilities continue to lag.
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