S&P 500 grinds sideways during quiet Friday session
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The S&P 500 was a bit quiet during the trading session on a Friday, as we are hovering just above a major support level at the 2700 level. That is an area that should cause a bit of buying pressure, but if we did break down below there I think there is plenty of support underneath based upon the downtrend line from the symmetrical triangle. Ultimately, this is a market that is likely to continue to find buyers on these dips as it represents value in the marketplace that has recently broken out above the symmetrical triangle that has been in effect for quite some time. By doing so, it shows a significant amount of bullish pressure, especially considering that we had recently been so volatile. I think that we are starting to see people calm down a bit from that noise, and I think we are starting to see people put money back to work.
Interest rates have risen and that of course has scared some market participants, but it seems likely that the market is ignoring that, at least for now. I still believe that we could go as high as 3000 and some type of last surge higher, if nothing else due to the momentum that we have been seeing. This is a very choppy market overall, but certainly has a significant amount of buying pressure. Ultimately, the market is one that you should be bullish of, but only jump into in little bits and pieces.
S&P 500 Video 21.05.18
This article was originally posted on FX Empire