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Christopher Lewis
S & P 500 daily chart, July 18, 2018

The S&P 500 has rallied significantly as the Americans came on board, showing signs of life again. However, I think there’s a lot of noise above that is going to be difficult to overcome. I think that the testimony of Jerome Powell has discounted the risk that a trade war could throw the global recovery off-track. He essentially has suggested that things will work themselves out. Because of this, a bit of a “risk on” attitude has set itself upon Wall Street again.

I think that the 2790 level underneath is support, and at that point I think there is plenty of demand. I believe that the market should continue to be very noisy and choppy, but if we do break down below the 2790 level, then I think the market goes looking towards the 2770 handle. I do believe that we could eventually break out to the upside, but it is going to be difficult to do so and it may take several attempts. Remember though, the more attempts we make it these levels, the more likely they are to break down and give way.

Expect volatility, but that’s nothing new as I believe that the market will continue to focus on headlines around the world, but the one thing that should be noticed is that the US economy is outperforming the other ones around the world, so that should put a bit of a natural lift in this market.

S&P 500 Video 18.07.18

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