2/7/2014

Friday saw a pretty powerful move upward that got hung up right at 1795-1800. The jobs data coming in lower than expected apparently did not matter to the market.

Assuming we get above 1800 Monday, 1815 will once again become an important level to watch. The daily charts look like they could see more upside, and the market has not closed the below the channel on the weekly. The bullish momentum needs to keep the market above 1770, but I will not be surprised by a move towards that level.

S&P 500 Daily Chart

S&P 500 Weekly Chart

Dow Jones Industrial Average Weekly Chart