The S&P 500 initially tried to rally on Monday but then turned around to pull back towards the 2250 level. This is the first area where I would expect
The S&P 500 initially tried to rally on Monday but then turned around to pull back towards the 2250 level. This is the first area where I would expect to see support, but beyond that I think there are plenty of opportunities to find buying pressure underneath as well. I have no interest in shorting this market, I believe the US indices continue to go higher over the longer term. However, at this moment it appears that we are a little bit overextended so a pullback sounds just about right for this type of move.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
