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Christopher Lewis
S&P 500

The S&P 500 has rallied initially to kick off the trading session on Thursday but failed at the 3400 level to show signs of weakness again. Ultimately, I think this is a market that will struggle to find its way, but once it does finally take off and get above the 3450 level, we could see a rather big move. In the meantime, it looks like we are continuing to go back and forth based upon stimulus hopes and quite frankly there is so much dysfunction and Washington DC it is difficult to imagine that politicians will do anything other than play games through the media.

S&P 500 Video 02.10.20

With that in mind, I think that we are stuck in the range between 3200 on the bottom and 3400 on the top, although we have the jobs number coming out on Friday that could have a massive effect on this market as well. Do not be surprised if more perverse logic comes into the fray, meaning that if the jobs numbers are bad enough, we may get an initial selloff, only to see the market turn around and rally due to hopes of stimulus.

In other words, pay attention to the 3200 level on the bottom and the 3400 level on the top. Breaking above or below one of those levels will give you an idea as to where we probably go next. Ultimately, I am very skeptical of moves in this market until I get a daily close outside of that range, but if you are more momentum driven, perhaps you can look to the short-term charts to take advantage of it.

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

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