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Christopher Lewis
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The S&P 500 has initially pulled back towards the 4100 level on the Globex exchange overnight, but then turned around to show signs of strength. By doing so, it suggests that the market is ready to continue going higher, especially considering that the Johnson & Johnson vaccine has been paused, but it seems that the markets are completely willing to overlook that. If that is going to be the case, then I do not see any reason why we will go looking towards 4200.

S&P 500 Video 14.04.21

I would like to see some type of pullback in order to get involved, as it would give us an opportunity to pick up a little bit of “value” in the market. Ultimately, the 50 day EMA is starting to reach towards the 4000 handle, where I also see a massive gap. That is an area where we would see a lot of interest in the market, and I do think that a massive amount of buying pressure would come back in.

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I have no interest in shorting this market anytime soon, as the 13 previous years have been full of money flooding into the market, and it is only a matter of time before more comes. Central banks will keep the pedal to the metal when it comes to quantitative easing and cheap money, and of course Wall Street loves that. With that being the case, I do not think that there is much that is going to drive us below the 4000 handle, barring some type of “black swan event.”

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

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