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Christopher Lewis
S&P 500

The S&P 500 rallied a bit during the trading session on Friday, only to turn around and fall again as Nancy Pelosi is supposedly offering that there is significant differences between the House Speaker and the White House. Ultimately, this is a market that is going to continue to find buyers on dips, but we may need to sit on the sidelines and wait for a move down towards the 50 day EMA, possibly the uptrend line.

S&P 500 Video 26.10.20

All things being equal, it is likely that the market is likely to see buyers jump in and pick up value. I have no interest whatsoever in shorting this market, because as you know, the S&P 500 is not built to drop, but when it does it is only a matter of time before somebody steps in and tries to pick it up. It is hard to tell whether or not it will be a Tweet by Donald Trump, or if it will be somebody in the Federal Reserve but somebody will come out and pick it up.

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To the downside, I see the 3400 level as potential support, the 50 day EMA as potential support the uptrend line as potential support, followed by the 200 day EMA. If you look at the history the S&P 500, it has always been painful to short this market, as over the longer term it does in fact grind higher. With that, it might be a simple matter of finding a bit of patience in order to take advantage of value.

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

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