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Published on Oct 13, 2016
The
S&P 500 initially had a very tough day on Thursday, testing the
2120 level, and even breaking down below there at one point in time.
However, we fast enough to form a bit of a hammer and I believe at this
point in time if we can break back above the 2140 level, this market
very well could go to the 2170 handle. This is a market that continues
to show resiliency, and with the low interest rate environment I believe
that we are still very much in, it’s difficult to imagine that this
market is going to break down with any sincerity. I also believe that
the 2100 level below is massively supportive, and as a result I think
that if we get down to that area, the buyers will come in rather
rapidly.
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