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Published on Oct 23, 2016
Initially,
the S&P 500 fell during the day on Friday but found support yet
again just above the 2120 handle. By finding that support, we bounced
enough to form a nice-looking hammer, and of course that means that we
are probably ready to bounce yet again. A break above the top of the
hammer is a buying opportunity as far as I can see, and I think that the
market is going to return to the 2175 handle. If we pullback from here,
I anticipate that the 2120 level will continue to offer plenty of
support so therefore I look at pullbacks as buying opportunities based
upon short-term supportive candles. I have no interest in selling, at
least until we break down below the 2100 level, which I see as the very
bottom of the support at this point in time.
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