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Published on Sep 17, 2016
The
S&P 500 initially fell on Friday but we found enough support near
the 2130 level to turn things around and form a hammer. A fine this
particular interesting because I think that the real support is closer
to the 2120 handle, meaning that perhaps the buyers are starting to
become a little bit more aggressive. Remember, we had originally broken
out above 2120, so therefore it should be rather supportive going
forward. The fact that we formed a hammer only reinforces this concept
and therefore I feel if we break above the top of the range for the
Friday trading session, we will probably try to make a move towards the
2160 handle as we continue the overall uptrend. With interest rates in
the United States looking less and less likely to rise anytime soon,
this should continue to be very good for stocks overall.
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