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Christopher Lewis
S&P 500 daily chart, September 24, 2019

The S&P 500 continues to be volatile and sideways overall as traders use the 2980 level as support and the 3025 level as resistance. The 3000 handle also offers a lot of noise, so that being the case it’s likely that we continue to chop around in general. The market has very little in the way of confidence in either direction, and at this point it’s likely that the market is trying to build up enough momentum to finally break out, and if we can, then it would be a fresh, new high. At that point, the market would be free to go much higher. Having said that, if we break down below the 2980 handle, the next target would be the 50 day EMA which is at the psychologically important 2950 handle. Below there, then the market would go looking towards the 2900 level, and the 200 day EMA.

S&P 500 Video 24.09.19

While central banks are doing everything they can to lift the markets, it doesn’t take a lot of imagination to see that they are getting a bit exhausted. Because of this, a break down wouldn’t exactly be a huge surprise. However, to the upside we probably move towards the 3100 level, which is the measured move from the consolidation underneath that formed a bit of a rectangle. Ultimately, this is a market that is looking for some directionality, and quite frankly just doesn’t have it at this point.

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