S&P made a high of 1597 on Thursday, April 11th. On Friday it retreated and closed at 1589. S&P may find itself stuck again in the range of 1595-1610 and then break upwards towards 1625-1630. 1625 target in S&P was mentioned long time back. Dow Jones target of 15,000 was also mentioned way back and it has finally arrived – almost there.
Traders should watch April 25th (Lunar Eclipse), and May 10th (Solar Eclipse) for the clue. Markets have a tendency to reverse its directions during lunar and solar eclipse. The minor support level for S&P is 1565-1567 and very strong support is at 1540 level.
Dow Jones may find itself retreating after hitting 15,000 this week as it is one big round number. It could pullback to 14,635 level and then rise again and attempt to break 15,000. If Dow Jones breaks 15,000 on second attempt then 16,125 is the possibility. On what date these targets will hit only God knows.
Gold dropped big on Friday and closed near 1500. It could find itself going down further towards 1395 and there is a possibility of it dropping to 1250 level.