The S&P 500 initially gapped higher at the open on Friday, but then turned back around to fill that gap. By doing so, we looked for support and then
The S&P 500 initially gapped higher at the open on Friday, but then turned back around to fill that gap. By doing so, we looked for support and then eventually founded, as we bounced to form a hammer. The hammer of course suggests that we are going to go higher, so if we can break above the 2115 level, we would be buyers. However, we also think that pullbacks offer plenty of value in this market all the way down to the 2095 handle. Ultimately, we believe that the market will reach towards the 2130 handle, and then higher than that given enough time.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
