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Published on Sep 9, 2016
The
S&P 500 had a very tough day on Friday as traders are starting to
worry about whether or not central banks can continue to list the
markets. After all, quantitative easing has had very little effect
economically. With this being the case, the markets fell apart and it
now looks like we’re going to have to go down and test the 2125 handle.
This is a horrifically negative candle, and as a result I feel that this
market probably will continue to go lower in the short-term. A bounce
though would be reason enough to start buying, just as a supportive
candle would be. At this point in time, we are still very much in a
strong uptrend, so having said that I believe that the market will
continue to go higher over the longer term. However, if we do break down
below the 2100 level, we really have to start to become concerned.
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