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Published on Aug 25, 2016
The
S&P 500 initially fell during the day on Thursday, but found
support yet again as we bounced and formed a bit of a hammer. This shows
just how resilient the market is and as a result I believe that it’s
only a matter of time before we rally and continue to go higher. Because
of this, I am a buyer above the top of the top of the candle, but I
recognize that there is a significant amount of resistance above as
well. Because of this, I think it is a short-term buying opportunity
only, and that makes quite a bit of sense considering that the
summertime trading has very little in the way of volume. I think we
simply continue to consolidate overall with an upward bias at this point
in time.
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