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Christopher Lewis
S&P 500 daily chart, September 13, 2019

The S&P 500 initially rallied during the trading session on Thursday but gave back quite a bit of the gains early. Ultimately, we are testing the highs again and it’s going to be very difficult to break above, but if we do clear the 3050 level, then it’s very likely that we continue to go much higher. I suspect that the upward mobility of the market should continue to go forward, it’s likely that the buyers will continue to jump back into the marketplace looking for value on dips. I believe that the 2950 level should now offer plenty of support, and as a result it’s likely that a break down below there would probably rattle a lot of investors.

S&P 500 Video 13.09.19

If we do break out to a fresh, new high, then it’s very likely that we go looking towards the 3100 level based upon the measured move of the consolidation box that I have drawn on the chart. All things being equal though, it’s probably going to be very difficult to go higher, at least in a straight up fashion. While it does favor buying value when it presents itself on dips, you will have to be patient and look for lower pricing. Ultimately, if we did break out to the upside then the explosive move would have to be followed.

If we were to break down below the 50 day EMA, then we are probably going to go looking towards the 2900 level, possibly even the 200 day EMA underneath. All things being equal, volatility is probably going to be a major issue but at this point the market is probably desperately awaiting the Federal Reserve to bail it out.

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