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Published on Sep 28, 2016
The
S&P 500 had a very volatile session during the day on Wednesday, as
we initially fell and then shot higher. Because of this, I think we’re
going to test the resistance area above so I think short-term pullbacks
are buying opportunities. With that being the case, I would anticipate
that we are going to reach towards the 2200 level above. That was where
we had seen quite a bit of resistance, and as a result I believe that we
are trying to build up enough momentum to finally go above there. I
believe that the “floor” is near the 2120 handle, so as long as we
pullback I am more than willing to start buying this market. I have no
interest in selling this market, especially considering that the
interest-rate situation in the United States should continue to be very
negative.
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