S&P 500 Midday Technical Analysis November 2

The S&P 500 has rallied a bit going into the figure on Friday but has since pulled back just a bit. I think that the stock market will probably continue to try to stay somewhat elevated but I would not be surprised at all to see a bit of profit taking going into the weekend as a headline could have the futures markets collapsing on Monday morning. In a world that has seen a lot of risk aversion lately, it would not be surprising at all to see that exact profit taking happen.

S&P 500 Midday Video 02.11.18

The 2750 level is obviously important, and therefore I think that it would be surprising to hang about this area, as it will attract a lot of attention. This is an area that has seen a lot of resistance and support in the past, so I think there’s a lot of dynamic forces at play here. If we do pull back, I would anticipate that the 2725 level could be important, just as the area has seen a bit of buying recently. Ultimately, this is a market that I think continues to be a bit skittish as there are a lot of headlines out there involving China, interest rates are going higher, and a whole plethora of other concerns involving geopolitics as per usual. Again, I think profit taking makes more sense than anything else right here.