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Published on Nov 28, 2016
The
S&P 500 initially fell on Monday, testing the 2200 level for
support. It found it at that area, as the markets retested what was
previously resistance. Having formed a hammer is a very bullish sign,
and as a result I believe that we will continue to go higher. I have a
target of 2250 above, as the market should continue to grind its way to
the upside. This is a market that is a bit overbought, so we may have to
go sideways for a while but ultimately there’s no way he can sell this
market. I believe that the support level extends all the way down to the
2180 handle underneath, and that of course should continue to be a
deterrent for the sellers.
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