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S&P 500 Forecast December 9, 2016, Technical Analysis

By:
Christopher Lewis
Published: Dec 9, 2016, 05:11 UTC

The S&P 500 rallied on Thursday, reaching towards the 2250 level. This is an area that has a certain amount of psychological importance, so pullback

S & P 500 daily chart, December 09, 2016

The S&P 500 rallied on Thursday, reaching towards the 2250 level. This is an area that has a certain amount of psychological importance, so pullback from here would be expected. A pullback should offer value though, and a market that is obviously very bullish. I have no interest in shorting this market, and I believe that we will continue to go even higher given enough time. This explosive breakout needs a little bit of momentum building going forward, so selling isn’t even a possibility due to the fact that you have to believe that there are people who have missed this rally that would love to get involved.

About the Author

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.

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