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Christopher Lewis
S&P 500

The S&P 500 has shown itself to be somewhat resilient, even though we have pulled back just a bit during the trading session. That being said, the market does look like it is ready to go higher, perhaps reaching towards the 4000 level based upon the consolidation area just below between the 3200 level on the bottom and the 3600 level on the top. The extrapolating that from the breakout of the 3600 level, it suggests that we are going to the 4000 target.

S&P 500 Video 13.01.21

At this point in time, this comes down to the idea of the US dollar continuing to fall, something that is probably somewhat overdue. That being said, think it is only a matter of time before the trading community will continue to jump into the stock market based upon the fact that there is an absolute ton of stimulus coming. That should continue to push stocks higher over the longer term, and therefore I believe that the 50 day EMA which is currently attached to the uptrend line on my chart should offer plenty of support even if we were to turn around and breakdown.

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With this, I like buying the dips and I think most of the market participants out there will be doing the same thing. The market to suppress continue to look at this as the way going forward, and I think there is nothing on this chart that is going to suggest that we are about to do anything different anytime soon. At this point, I have no interest whatsoever in trying to short this market.

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

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