S&P 500, Nasdaq 100 and Dow Jones Brace for Jackson Hole

The S&P 500 looks a bit positive in early trading as well, as it looks like the market is eyeballing the 7,800 level, an area that had been resistance previously. Short-term pullbacks open up the possibility of buying opportunities in this overall trend. The 7,600 level is an area that has previously been resistance, and it could be support based on market memory and the 50-day EMA being there.

Ultimately, this long-term uptrend is something that I still believe is intact, despite the few concerns that are coming up later this afternoon and the never-ending drama coming out of the Middle East.