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Christopher Lewis
S&P 500 daily chart, October 23, 2019

The S&P 500 has essentially done nothing during the trading session on Tuesday, as there are still plenty of headwinds above, and perhaps even more importantly, structural resistance. There is no real catalyst to go higher right now, so at this point I think it’s only a matter of time before we sell off. I don’t look at the selloff as some type of major negative event, just that we will continue to see the market struggle. Those pullbacks should be buying opportunities oh, as it offers value in what has been a very bullish market. The 50-day EMA underneath should offer support, as it is a crucial trend following mechanism and of course is starting to tilt higher. With that being the case it’s likely that we will see pullbacks to offer value.

S&P 500 Video 23.10.19

Overall though it’s likely that the market will find some reason to break out, because quite frankly it has over the last several years. We are sorry to make lower highs on the longer-term chart so betting against the S&P 500 is probably difficult to do. Yes, we get the occasional selloff but every time we pull back becomes just a little less aggressive. The Federal Reserve will do what it has to save the markets, so that’s probably something that you should pay attention to as well, and therefore dips continue to offer value in a market that although has no bearing on reality, certainly is very bullish.

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