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Published on Nov 14, 2016
The
S&P 500 had a slightly negative session on Monday as traders went
back to work, but I still believe that there are quite a few reasons the
think that this market goes higher. I believe that the bullish pressure
underneath will continue to look this market of the longer-term, so
pullbacks could be used as opportunities to pick up value. The 2200
level above is a barrier that will take a bit of effort to break higher
than, but we have rallied far too rapidly to keep up this type of
momentum. Because of this, I think it’s only a matter of time before we
find buyers below and continue to grind higher in a much more
sustainable manner. I think the 2120 handle below is essentially the
“floor” at this point. With this, I remain bullish but I would like to
find a bit of value.
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