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Published on Oct 27, 2016
The
S&P 500 went back and forth during the course of the session on
Thursday, forming a neutral candle. Ultimately, this is a market that
has plenty of support just below, as the 2120 handle has been rather
supportive. With this, the market continues to be one that I believe the
bullish traders will continue to flock to, as 2120 has attracted a lot
of volume. Ultimately, I think we will reach towards the 2175 level
above which is the top of the consolidation area, and as a result I only
go long way comes to the S&P 500 moment. Even if we broke down
below the 2120 handle, the 2100 level below is the ultimate “floor” as
far as I can see. Regardless what happens expect to see quite a bit of
choppiness.
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