The S&P 500 Index move higher has seen a strong bout of selling to offset Monday’s gains. And the Nasdaq Composite is not confirming the broader market breakout.
That said, the trend is bullish and any pullback/consolidation should end by mid-week and give way to further gains into Friday.
A move down to $348 or a bit lower on the S&P 500 ETF (SPY) is possible before turning back higher toward $365.
From a near-term perspective, it looks right to buy the pullback.
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.