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Christopher Lewis
S&P 500 daily chart, June 21, 2019

S&P 500

The S&P 500 initially shot higher during the trading session on Thursday but struggled to stay above the 2950 level at midday. If that’s going to be the case, it looks like we are very vulnerable this point, as we have hit the all-time high and failed. Ultimately, this is a market that I think will continue to be very noisy, but if we can break above the highs of the session, then we can move towards the 2975 level, and then possibly the 3000 level. However, the way we have failed to break out tells me there is more than meets the eye going on here. Have we reached the top? It’s hard to tell but I suspect staying out of the market for the next 24 hours would work best.


S&P 500 Video 21.06.19


The NASDAQ 100 rallied a bit during the trading session, breaking above the 7750 level and reaching into the resistance barrier that I have marked on the chart. At this point, the market looks as if it is exhausting itself, and if that’s going to be the case we could pull back to the 7500 level, which is the 50 day EMA. That being the case, we could get a significant pullback as the Federal Reserve looking dovish might have people concerned about the underlying strength or weakness of the economy. Alternately, we could go looking towards 7900 but it’s not until we break above there at this point that I would be confident about a longer-term position to the upside.

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