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Christopher Lewis
S&P 500 daily chart, September 12, 2019

The S&P 500 has pulled back just a little bit during the trading session on Wednesday but turned around to reach towards the 3000 level during the trading session on Wednesday. Ultimately though, that’s an area that probably causes some issues and therefore I think you should probably keep that in mind. Breaking above the 3000 level will of course attract a lot of retail money, as the news will splash that all across the headlines. Ultimately though, I think this market is simply trading on the Federal Reserve and central bank monetary policy decisions, meaning that we are looking for an opportunity to take advantage of low interest rates.

S&P 500 Video 11.09.19

All that being said, it makes quite a bit of sense that the market participants will continue to look towards the upside and after the recent breakout of the consolidation area, we most certainly have to have a bit of a bullish slant. That doesn’t mean it’s going to be easy, but really it hasn’t been easy for quite some time. A breakout to a fresh, new high could be coming, and based upon the measured move from the consolidation area that is in fact what would be expected. The target right now seems to be 3100, but obviously that’s a very long term type of situation, and it is going to take a lot to get there. Short-term dips offer small buying opportunities going forward.

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