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Published on Aug 22, 2016
The
S&P 500 initially dropped during the course of the day on Monday,
but as you can see we turn right back around to form a bit of a hammer.
The 20-day exponential moving average is just below, and it has offer
dynamic support for some time. Because of this, I believe that the
market should reach towards the 2250 handle, and as a result I believe
that the markets will eventually go higher but I think at this point in
time it is holiday season so therefore we may struggle to find enough
momentum to continue going higher in the short-term, but I certainly
think that given enough time the buyers will overwhelm this particular
stock index.
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