In This Article:
The S&P 500 has rallied rather significantly during the day on Thursday, as we continue to see the markets grind higher despite all concerned. The 2930 level looks to be resistive, but I think if we can break above there it’s likely that we will go looking towards the 2950 level yet again. The S&P 500 continues to find buyers on dips regardless of the trade war situation that we find ourselves in, and of course many other concerns. Overall, corporate earnings are still good and that ultimately is the most important aspect.
I believe that the 2900 level continues to be crucial and essentially the bottom of the uptrend. If we break down below the 2900 level it would change this market completely. Overall, I think that the market will find plenty of support and I do think that we will eventually go looking towards the 3000 level because far too many Wall Street pundits are calling for it. That doesn’t mean we will get the occasional pullback, we have just seen that but the reactionary rally during the day today suggests there should be enough momentum to finally break out. It may not happen now, and that’s why I like the idea of buying short-term pullbacks as they offer a little bit of value. If you are trading the futures market, be careful with your stops because it can get expensive if you don’t pay attention. In this type of environment we do see sudden swings in both directions, which I think is going to be the norm for the rest the year.
S&P 500 Video 28.09.18
This article was originally posted on FX Empire