As we suggested in the previous report, stocks are generally ranging until news from one of the most significant data points traders can have: Non Farm Payrolls. This is particularly significant because a lower than expected reading will signal that tapering from the Fed is likely off the table until well into next year. In a Central Bank driven economy, this will drive stock prices higher. Currently, the S&P is ranging in a well defined value area from 4521 to 4545, though we are seeing a clear affinity for the upper bound of this range. Recall that 4564 is our next target, which should be easily within reach depending on how the markets digest NFP. We have support from 4504 and 4487 below, if volatility kicks in.
Comment:
Great support off 4521 as anticipated!!
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