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Published on Sep 26, 2016
The
S&P 500 had a tough session on Monday, dropping down below the 2150
level. However, the negative candle is a sign that we probably will
continue to show bearish pressure. With this being the case, there is a
significant amount of support below that will continue to eventually
push this market to the upside. The 2120 handle below is essentially the
“floor” as far as I can see. Any type of supportive candle is probably
an invitation to start going long, and with that being the case it’s
likely that the market will reach towards the 2200 level given enough
time. It’s not until we break down below the 2100 level that I feel you
can start selling this market with any type of significance as far as I
can see. At this point, I do recognize that we will drop, but it should
only offer value before it’s all said and done.
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