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Published on Sep 12, 2016
The
S&P 500 initially fell during the course of the session on Monday,
but turned around back around to form a very bullish candle. Because of
this, we did up slamming into the 2150 level, an area that had
previously been so supportive. Simply put, I believe that if we can
break above the top of the range during the course of the session on
Monday, we will continue to reach towards the 2200 level again. If we
can break above there, I think we then go to the 2250 handle, and then
perhaps began a fairly long-term buying opportunity. I believe pullbacks
will continue to look enticing to the longer-term buyers, and that this
market will continue to be bullish given enough time. After all, most
of the selling was due to fears of interest-rate hikes, but central
bankers have walked back some of those fears on Monday.
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