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Christopher Lewis
S&P 500 daily chart, October 15, 2019

The S&P 500 has gone back and forth during the trading session on Monday, as we continue to dance around just below the 2800 level. At this point, it looks a whole lot like the market is trying to figure out where to go next, but ultimately this is a scenario that is based upon the Americans and the Chinese doing nothing, and now it appears that the Chinese or even wanting to talk more before signing the first phase of the agreement which still doesn’t look to be like much. In other words, last week was a waste of everyone’s time.

S&P 500 Video 15.10.19

Enter earnings season. This is also going to cause a lot of volatility and as we are closer to the highs of the market than the low, it makes quite a bit of sense that we will continue to see a lot of volatility, and probably more of a downward slant than anything else. Quite frankly, there’s no reason to think that suddenly everything is fine as the market would be ready to take off forever. At this point, I would anticipate more of the same range bound nonsense that we have been in for the last 18 months. Admittedly, it is slightly bullish, but only just. With that, looking for a dip to take advantage of would probably be the best way to go in this market, as it would be an opportunity to pick up a little bit of value.

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