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Published on Oct 19, 2016
The
S&P 500 initially fell during the course of the session on
Wednesday, but turned around to form a very strong ring candle. That
being the case, the market looks as if it is trying to rally from here,
as the 2150 level has offered quite a bit of resistance. The 2175 level
above offers quite a bit of resistance pressure, so even if we break out
a little bit to the upside we still have to deal with that. I think
that the 2120 level below continues to be massively supportive, so if we
can break down below there it’s likely that we will see support all the
way to the 2000 handle. Although I believe that longer-term we go
higher, the markets will very likely be volatile and cause quite a bit
of anxiety for traders who are not used to these types of markets.
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