The S&P 500 remains buoyant as its uptrend continues.
The index is still in a long-term uptrend (as we have been discussing for months now in our commentaries). Recently, we have been looking to buy short-term weakness or pullbacks down near the 2070.00 support level. Notice the bullish tails on last week's bars. This indicates bulls are still in control and keeping prices buoyant. We are once again looking to buy this week, and while price is above the key support down at 2030.00 we retain a bullish (upward) bias. Traders can look for buying opportunities at or just above the 2070.00-to-2076.00 support zone with an upside target of 2130.00 or potentially even higher.
The Dow Jones Industrial Average has also been in a long-term uptrend, and we are looking to buy this market on pullbacks to support. We see near-term support at 17,760, and we will look to buy dips back to or near this level this week. Key support is down near 17,400, and while price is above that support we will remain bullish.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.