Here we go again. Another Friday. Another attempted breakout above the 2100 level on the S&P 500. Over the last couple of months this has become a regular occurrence.
While the market is once again extremely overbought on a weekly basis, the employment report on Friday which showed a historically abnormal surge in June jobs growth, despite a weaker than expected wage increase and further negative revisions to May’s report, sent investors scrambling into the market. That push on Friday was enough to trigger a short-term buy signal and set the market up for a push to all-time highs.
However, don’t get too excited just yet. There are several things that need to happen before you going jumping head first into the pool.
be sure to read Mike’s Interview Solid Quality Yield Recommendations