The S&P 500 initially fell during the trading session on Friday but turned around to show signs of life again. By doing so, the market continues to see a certain amount of bullish pressure and I think that the resiliency of the S&P 500 is something that should be paid close attention to. After all, when the stock market or any other market for that matter simply refuses to fall, you should be listening. I think there is a significant amount of resistance near the 3200 level, but ultimately, I think that the market does break through there. We will continue to see short-term pullbacks that offer buying opportunities time and time again.
S&P 500 Video 13.07.20
The S&P 500 forming a couple of hammers in a row is a strong sign but as I said there are massive amounts of sell orders above and therefore, I think it is going to take quite a bit of effort. If we do eventually break through there, then the market could go looking towards the 3400 level again. Ultimately, I do think that this market does have the momentum to do so but with the earnings season coming out rather soon, I think we may get the occasional pullback that offers value. I have no interest in shorting this market, because quite frankly this is a market that I think continues to attract a lot of money due to the Federal Reserve liquefying the markets. Quite frankly, I keep hearing a lot of “There is no alternative” by pundits, and at this point I would have to agree.
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This article was originally posted on FX Empire
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