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Published on Oct 20, 2016
The
S&P 500 initially fell during the day on Thursday but found enough
support to turn things back around and form a hammer. This of course is a
bullish sign and therefore I think we are going to bounce again and go
much higher. The 2175 level above is resistance, so I think that’s where
were heading. I believe that it will be choppy and volatile, so
short-term pullbacks could be short-term buying opportunities. A break
above the 2200 level could send this market looking for much higher
levels, perhaps even 2500 over the longer term, but at this point in
time I believe that short-term back and forth type of trading is
probably going to be the way going forward. The 2120 level below is the
beginning of significant support extending all the way down to the 2100
level, so it’s not until we break down below there that I would consider
selling.
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