S&P 500 falls during Tuesday session

The S&P 500 fell during the trading session on Tuesday in reaction to fear of problems in the Italian bond markets. Beyond that, other concerns in Europe have come to the forefront and that of course has taken a bit of the risk appetite out of the markets in general. However, this has very little to do with the United States and the S&P 500 overall, so I think it’s only a matter time before the markets find value on this pullback. Because of this, I’m not interested in selling this market, as I believe that we will find plenty of support near the 2680 handle, the 2660 handle, and of course the 2650 handle after that.

I believe that if we can break above the 2710 level, the market will probably go back towards the top of the consolidation area that we have seen over the last several days, which of course is the 2740 level. I think that the best way to approach this market is looking at it from a value standpoint, and of course every time we fall it will offer value in what I believe will be the haven for most traders around the world, the United States. That doesn’t mean we can’t fall, just that we are much likelier to see buyers in this market than many of the other stock markets around the world that we follow. I would be on the sidelines unless we break above 2710 in the short term, simply waiting for support or a bounce to take advantage of.

S&P 500 Video 30.05.18