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Christopher Lewis
S&P 500

The S&P 500 initially rallied during the trading session on Thursday but turned around to show signs of exhaustion. Quite frankly, we have been chopping back and forth over the last couple of days as we are at a relatively high level, but the fact that the S&P 500 has pulled back significantly yet after breaking out tells me that the market is probably trying to build up enough confidence to simply go higher. It looks like the market is trying to figure out whether or not traders are going to be comfortable here, and as we are in the midst of earnings season, it is likely that the volatility should continue. Having said that though, the Federal Reserve trumps everything.

S&P 500 Video 24.07.20

To the downside I believe that the 3200 level continues to be massive support, as there is a gap just below there and of course it was the recent resistance area that had been so important in the market. Otherwise, short-term pullback simply should be a buying opportunity and I think that value hunters will continue to flock to this market as the Federal Reserve has made sure that there is no other real alternative. The 3350 area is where we see a previous gap that has yet to be filled, and I think that is what it is about to happen over the next several weeks. After that, then we are likely to go looking towards the 3400 level where the all-time high was.

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