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Published on Oct 6, 2016
The
S&P 500 initially fell during the day on Thursday, but turned
around to form a bit of a hammer. The hammer of course is a bullish sign
and as a result I feel that if we can break above the 2180 handle, the
market could very well continue to grind higher. This is obviously going
to be a very volatile day, as we get the Nonfarm Payroll Numbers. With
this being the case, I feel that any pullback at this point in time will
more than likely offer a buying opportunity on a supportive candle. I
think that the “floor” in this market is somewhere near the 2120 handle.
With that being the case, I’m going to ignore any bearishness today
unless of course we get some type of massive meltdown.
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