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Published on Aug 9, 2016
The
S&P 500 initially tried to rally during the course of the session
here on Tuesday, but turned back around to form a shooting star. We also
have the exacting candle form during the course of the day on Monday,
so having said that I believe that there is a significant amount of
resistance just above that we are going to struggle with. The fact that
we have formed what is essentially “double hammers”, I feel that this
market is ready to pull back. I don’t think that the pullback is going
to be some type of meltdown though, and I believe that there is a
massive amount of support at the 2150 level. With this, but pullback
should offer value that people will take advantage of, but having said
that we could break above the top of the 2 shooting stars, and that of
course would be a very bullish sign as well.
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