2/14/2014

Trading on Friday saw some decent gains in the US indices, and they all look ready to at least test their previous, all-time highs. In fact, the NASDAQ has already taken out its old high, and the S&P 500 is likely to test 1850 tomorrow. Friday saw some time a couple points above 1840, so I think more upside is to be expected on Tuesday. This wave is strong, we'll see if it breaks the ceiling. If 1850 is broken, there's the upper weekly Bollinger at 1870/1875 that can be used as a target. If 1850 resists, there will probably be a little wave down to at least 1830, but I think 1815 is the support to break for anything major to occur.

S&P 500 Daily Chart