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Christopher Lewis
S&P 500

The S&P 500 has rallied a bit during the trading session on Thursday, breaking above the 3425 level, an area that has offered a bit of resistance as of late. We are essentially forming the end of the “V bottom” and that of course is a very bullish sign. At this point, it is likely that traders will continue to buy the market based upon the idea that people are going to celebrate the idea of more cheap money. Stimulus at this point is considered to be a given, but the huge potential kink in the armor of course will be the idea of stimulus does not happen, which could probably send this market straight back down. All one has to do is look at the way the market reacted to Donald Trump suggesting that negotiations were over to understand that, as we sold off hard just a few days ago.

S&P 500 Video 09.10.20

All things being equal though, the markets are banking on the idea of some type of short-term and smaller version of stimulus, although we are getting conflicting headlines and with the election so close, it is a bit difficult to see a lot getting done. However, the momentum is most certainly to the upside and it looks like we will try to go back towards the supply near the 3580 handle which was the high. If we turn around a break down below the 50 day EMA, that could send this market down to the 3200 level. At this point, it looks like the path of least resistance is still higher, regardless of the headline noise.

For a look at all of today’s economic events, check out our economic calendar.

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