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Published on Oct 5, 2016
The
S&P 500 rallied a bit during the course of the day on Wednesday, as
we continue to bang around in this general vicinity. Larger picture, I
think that we are trying to form some type of ascending triangle, or
perhaps even a symmetrical triangle. I also think that part of the
reason for the consolidation is that we are waiting for the jobs number
on Friday. Ultimately, I think that we have a bit more of an upward bias
longer-term, so pullbacks could offer buying opportunities. If we can
break above the top of the ascending triangle, the market should then
reach towards the highs yet again. Keep in mind that this is a low
interest-rate environment, and that should continue to give a little bit
of poignancy to this market.
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