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Christopher Lewis
US Stock Market

The S&P 500 has done very little during the trading session on Thursday, but quite frankly was New Year’s Eve so I would not read too much into it. We are essentially at all-time highs, so that means that we are still very bullish, and I do think that it is only a matter of time before buyers jump back in. After all, the US dollar is getting a bit serrated, and that tends to make Wall Street happy. The 3600 level underneath should offer plenty of support, not only due to the fact that it was previous resistance, but the fact that the 50 day EMA is sitting right there as well. All things being equal, I think that we go much higher beyond this.

S&P 500 Video 04.01.21

When you look at the previous consolidation area, it measures 400 points and I think that a breakout of the 3600 level sends the market looking towards the 4000 level. That of course is a large, round, psychologically significant figure, and should attract a certain amount of attention. All things being equal, I think that the market is going to continue to try to pick up value as it occurs, and I do not see that changing anytime soon. The markets continue to see a lot of choppy behavior, and we could be setting up for a small pullback, but at this point in time it is very unlikely that people will be willing to short this market, and quite frankly as long as we can stay above the 200 day EMA down at the 3342 handle, I do not see any sign that you can short the market.

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