S&P 500: Bullish Break Out

We said at 5 AM Friday morning we were above a key level which was bullish. Oh my, right? Did the market jump or what? We didn't know Non Farm Payrolls would be whoa, amazing.

Wait a minute. Non Farm Payrolls were not amazing. Good but not amazing. But it was an excuse for this market to jump, though. Why? Because this market wants to go higher, as we specifically said a week ago and followed up mid-week.

Let's Take A Closer Look At Non-Farm Payrolls
 

Source

Was NFP amazing? Click the chart to the left. It was good but not amazing. It was near the high end of the last year of reports.

Wages were strong at up .3%, I'll give you that.

This Market Wants To Go Higher

The stock market has been through a lot lately with Italy, trade war cross-fire, nuclear threats. It gets hit and bounces back. And lately the market just plain stopped going down on bad news. When you see that it means there's a bigger under-current that the market wants to go higher.

And we saw that on Friday.

271 Break Out

We said Friday at 5 AM that 271 for the S&P 500 ETF SPY was a break out. Friday's strong day of trading tells me that we blew through that 271 and we're going higher. When you get a key level and blow through it is bullish.

Conclusion

Bullish