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Published on Oct 16, 2016
The
S&P 500 initially tried to rally during the day on Friday, but
found enough resistance of the 2150 level to turn things around and form
a pretty massive shooting star. Still see a significant amount of
support near the 2120 handle, and most certainly at the 2100 handle
though. With this being the case, I think we are simply going to have a
bit of a grind lower, I’m not looking for any type of massive breakdown.
I think that sooner or later the buyers will return, and on the first
signs of support or some type of impulsive bounce, I’m willing to buy
this market but I recognize that it will probably be very bumpy all the
way back towards the top, which I do think we revisit again.
Alternately, if we break down below 2100 think we will have to test
2000.
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