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Published on Oct 17, 2016
The
S&P 500 went back and forth during the course of the session on
Monday, as we bounced off of the 2120 handle below. This is a neutral
candle, and it suggests that we are trying to find some type of momentum
building in order to bounce from here and go higher. I believe that the
market will eventually break out to the upside but right now I think we
probably have more sideways action than anything else going on. I also
recognize that there is support all the way down to the 2100 level at
this point, so I don’t really look at selling opportunities at the
moment. A supportive candle or an impulsive green candle is reason
enough to go long as far as I can see in this market.
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