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Published on Oct 25, 2016
The
S&P 500 initially tried to rally during the course of the day on
Tuesday but turned back around to form a negative candle. Ultimately
though, I see a massive amount of support below, extending all the way
down to the 2120 handle, but we don’t have the right supportive candle
to start going long yet. We could also break above the top of the range
during the course of the day on Tuesday, and we do think the market
would then reach towards the 2175 handle. This is a market that has
plenty of support below, so the only thing I can do go long at this
point in time, but at this point I recognize that it’s going to be a lot
of noise between here and the upside, so with this it’s very difficult
to trade, but if you are patient you should be able to make money to the
upside.
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