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Published on Oct 18, 2016
The
S&P 500 rallied during the course of the session on Tuesday,
showing signs of bullish pressure during the day. Ultimately, looks as
if the market continues to rally in the consolidation area that we have
been in for some time, and I currently have the 2120 level below as
support, while the 2180 handle is massively resistive. Because of this, I
feel that the market will continue to try to reach towards the top of
this consolidation area, so makes sense of the buyers will return. We
will probably continue to stay in this consolidation, and with that
being the case I think that we are simply trying to build up enough
pressure to go to the upside. I also recognize that the 2120 level below
is probably extends all the way down to the 2100 level as far as the
“floor” is concerned.
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