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Christopher Lewis
S&P 500

The S&P 500 continues to try to grind to the upside, as we have a significant amount of volatility. At this point, the 3200 level is the next target, just as the 3000 level will offer plenty of support. The 50 day EMA just crossed above the 200 day EMA so longer-term traders are looking at the “golden cross” as a reason to start buying. Regardless, I think the only thing that you can pay attention to is whether or not there is liquidity in the market, which is the only thing Wall Street seems to care about. Granted, this is completely divorced from economic reality, but you cannot argue with price.

S&P 500 Video 22.06.20

Looking at this chart, I think pullbacks will continue to be buying opportunities but it is worth noting that we have not cleared the Thursday candlestick from last week that was so negative, so at this point in time there is still a lot of chopping back and forth in a little bit of tenuous trading. Nonetheless, the Federal Reserve has Wall Street’s back, and therefore it is difficult to imagine that the stock market falls for any significant amount of time. In fact, it is not until we break down below the 2800 level that we would see a significant break down for the longer term. At this point, then things could get out of hand. However, I think the one thing you can count on is Jerome Powell saving Wall Street if we do break down given enough time.

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

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