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Published on Oct 12, 2016
The
S&P 500 went back and forth during the day on Wednesday, as we
continue to find support just below. The 2140 level offered quite a bit
of support, and that support extends all the way down to the 2120
handle. By forming a bit of a hammer, it looks as if we are going to
continue to go higher given enough time, and a break above the top of
the hammer would be reason enough to go long as far as I can see. I have
no interest whatsoever in selling, and I believe that the 2120 level
will continue to bring buyers into this market again and again. In fact,
I believe that support extends all the way down to the 2000 handle
below. Given enough time, I feel that we reach back towards the 2200
level.
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