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Christopher Lewis
S&P 500

The S&P 500 initially shot higher during the trading session on Monday, as Asian and European futures traders bought into the E-mini contract. That being said though, the market did pull back a bit to show signs of exhaustion in this area, as the big figure will of course attract a certain amount of attention. Nonetheless, even if we do pull back from here, I am more than willing to start buying on a dip, especially if we can pull back closer to the 3400 level. That is an area that was a major breakout, so think at this point it is likely that you will be able to find value underneath and would probably see a lot of traders willing to get involved at that point.

S&P 500 Video 01.09.20

Ultimately, if we do break out above the top of the candlestick for the trading session on Monday, then it opens up the door to the 3600 level which I do think is the target eventually. That being said, I do believe that it is only a matter of time before we find plenty of reasons to go long in the S&P 500, not the least of which will be the Federal Reserve flooding the markets with liquidity. After all, that has been the main driver of stocks for the last 12 years, and at this point I do not see that changing anytime soon. Selling is a great way to lose money, as I continue to see on Twitter.

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

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