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Published on Nov 2, 2016
The
S&P 500 went back and forth during the course of the day on
Wednesday, as we continue to see quite a bit of bearish pressure in this
market. We are just below the 2100 level, so we can break down below
the bottom of the range for the day I feel that we will continue to go
lower, perhaps reaching towards the 2080 handle. This is a market that I
have no interest whatsoever in buying, at least not until we break well
above the 2120 handle, and maybe even more importantly, the Monday
shooting star. Ultimately, I believe that the market will continue to be
very volatile and of course very soft as long as the presidential polls
offers such uncertainty when it comes to the election next Tuesday.
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