S&P500 rose 23.84 points, to 1148.67, with all sectors in positive territory on Friday. The industrial and financial sectors led the gains. The rally came after August results for U.S. durable-goods orders and sales of new homes exceed expectations.
Investors are seeking any positive news to push the market higher. As I said yesterday, if 1134 is broken, market will head to 1148. Today, 1148 act as a tough resistance whole day. Next resistance will be 1150-1155, then 1170-1175, the 200 weeks moving average 1200 and the April high 1220.
I still holding small potion of SPXU, I almost sold it yesterday when market hit 1124, no luck, I set my sell limit order at 1122. I guess I will holding it for little longer.
I think all the fund managers are afraid to miss the year end rally, they are all aboard now after S&P 500 resistance 1130 was broken on Friday. Market is on buying panic mode, lighten your stocks exposure before extreme bullish momentum come into sight. Although the short term momentum is very bullish, investors need to grab this opportunity to lighten stocks because you may not have another chance like this.
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