SPX - Cautiously Bullish At MarketA rally of over 1,000 Pts since March’s 4 year base at 2165.5 has left weekly and daily sentiment much overstretched but June’s pullback has attracted buyers back to the market and last week’s signals continued to point higher. These were confirmed with gains of 60 Pts and although sentiment is overstretched at close to record highs the outlook for this week remains very cautiously bullish and the call is to buy modestly on the open and then at 3111.5, Friday’s low with a stop loss at 3062.5, July’s base. Targets are to 3215.5, June’s high, 3300.5, the 20 week top and 3396.5, March’s high trade.
