The S&P 500 initially fell during the course of the session on Monday, but found enough support to turn things back around and form a bit of a hammer.
The S&P 500 initially fell during the course of the session on Monday, but found enough support to turn things back around and form a bit of a hammer. This is a market that seems to have plenty of support near the 2120 handle, so given enough time I feel that we will reach higher, and a move above the 2140 level should send this market reaching all the way to the 2170 handle. I believe that the 2100 level below is essentially the “floor” in this market. Given enough time, I would expect the market to break out to a fresh, new high.
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.
