S&P 500 and NASDAQ 100 Forecast June 2, 2016

The S&P 500 initially fell during the day on Wednesday, but turned around to form a bit of a hammer. This is almost identical to what we did on Tuesday, so I think that there is quite a bit of bullish pressure building up underneath. We are facing a relatively formidable barrier in the form of 2110, but once we break out to the “fresh new high”, I think that it will be more or less a buy-and-hold type situation. I believe the pullbacks will continue to be supportive, and as a result I think we are simply trying to build up momentum at this point in time in order to make that massive push higher. The 50 day exponential moving averages plodded on the chart, and it’s not until we get below there that I feel I can sell. For more daily news and technical analysis visit: http://www.dailyforex.com