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.
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.
