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Published on Aug 17, 2016
The
S&P 500 initially fell during the course of the session on Tuesday,
but found enough support to turn things back around and form a hammer.
By doing so, the market looks as if it is likely that the buyers are
going to come back in and continue to push this market higher. With
this, it’s likely that the buyers will eventually break above the recent
high, and could very well reach towards the 2250 handle. The hammer is
of course a very bullish sign, and since we are in a bullish move, it
makes sense that we will continue to see buyers jump back into this
market. I have no interest in selling, and I believe that the 2150 level
below is massively supportive. At this point in time, this is a market
that although bullish, will be very choppy, see you have to be well
aware of that.
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