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Published on Sep 14, 2016
The
S&P 500 had a very volatile session on Wednesday, as we went back
and forth and ended up forming a shooting star like candle. However, I
do think that there is a significant amount of support at the 2120
handle, as denoted by the horizontal line on my chart. With this being
the case, I believe that this market will continue to find buyers in
this lower area, and once we see a bit of support, I’m not concerned
about buying this market. Quite frankly, I believe that even though
we’ve seen a lot of volatility here recently, but the reality is that
the market is still very much in an uptrend. Because of this, I don’t
really have any interest in selling at the moment, and believe that even
below the 2120 handle, there is a massive amount of support extending
all the way down to the 2100 level.
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