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Christopher Lewis
S&P 500 daily chart, November 18, 2019

The S&P 500 rallied during the trading session on Friday did in the week, as it was suggested by Larry Kudlow that the United States and China were getting closer to signing some type of preliminary deal. At this point though, it’s probably machines trading the headlines more than anything else. Quite frankly, I have a hard time believing that people are stupid enough to believe this yet again. It’s not that the deal can’t be signed, it’s just that it is going to be underwhelming to say the least.

S&P 500 Video 18.11.19

With that being the case though, the market is doing what the market is doing. At this point, it’s rising and therefore it looks as if we may be getting ready to enter some type of very bullish move to the upside. Remember, the 3100 level was very difficult to get above, and we spent most of the week trying to do so. Now that we have done it, it should free the markets ago bit higher. Pullbacks at this point should be buying opportunities, as it looks like we are going to enter another impulsive leg higher. Don’t be wrong, I would have loved to have seen the market pull back a little bit to find more value, but it looks like the time that was spent going sideways was enough to digest the gains from the previous move. If we do break down, the 3100 level should be support, just as the 3050 level will be, the 3030 level will be, and of course the 50 day EMA will ultimately be supportive as well.

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