The S&P 500 did very little during the trading session on Wednesday, as we continue to hover just below the all-time highs. This not a huge surprise, and therefore it’s likely that we will see this market take a bit of a breather. I would not be surprised at all to see the market pulled back to find support underneath. However, if we clear the 2950 handle, then I think the market probably reaches towards the 3000 level. The 3000 level of course is very likely to be tested longer term, so the question isn’t so much as to whether or not we will try to go higher, but whether or not we will pull back in order to build up the necessary momentum?
S&P 500 Video 25.04.19
I believe that the 2900 region is significant support that extends down to the 2890 level, so if we get a significant pullback that would be where I would be looking for buying opportunities. Obviously, the 2900 level attracted a lot of attention, and more importantly volume. If we did break down below the 2890 level, then I think we might be in a little bit of trouble for the short term. Were in the middle of earnings season, so as long as they aren’t bad on the whole, I believe that the S&P 500 will continue to find buyers every time it dips, or perhaps that in pending break out. The one outlier is that the US dollar is so strong it will eventually cause concern.
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This article was originally posted on FX Empire
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