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Christopher Lewis
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S&P 500

During the trading session on Friday, we will have quad witching, which is when there are four different asset classes options expire on the same day. This will cause a lot of crazy volatility, especially late in the day. With that being the case, I would be flat of this market but if you have to have a position, I will likely favor the upside, because the longer-term trend of course is going to continue more likely than not.

S&P 500 Video 18.12.20

The stimulus continues to be a major influence, and I do think that it is only a matter of time before we get that stimulus. If and when we do, that probably will continue to push the markets are a little bit but given enough time. The stock markets are continuing to move to the upside, perhaps towards the 3800 level, while perhaps even heading towards the 4000 level after that. The measured move is 400 points from the breakout, which is where 4000 is. That being said, I believe that the 3600 level underneath is your short-term floor, right along with the 50 day EMA sitting at the 3550 handle.

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Market participants will continue to see a longer-term investment horizon be played out over the next several months, but there is also the added momentum of a “Santa Claus rally” which typically happens this time a year. Either way, I believe that it is almost impossible to short this market anytime soon, so looking at dips as potential buying opportunities makes quite a bit of sense.

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

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