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Christopher Lewis

The S&P 500 pulled back a bit during the trading session on Friday, reaching down towards the 3340 level. Having said that though, the market does look very likely to reach down towards the 3300 level. The 50 day EMA underneath is starting to rally a bit, reaching towards higher levels. If that coincides with price, I think that the buyers will continue to get involved. Beyond that, the bullish uptrend line should also offer plenty of help. All things being equal though, the US indices are the ones that people run towards, so I think at this point there will be buyers given enough time. However, with the high risk of headline shocks out there, I would not be a holder of E-mini contract either.

S&P 500 Video 24.02.20

To the upside, the 3400 level should continue to offer plenty of resistance, and therefore if we were to break above it would be a very bullish sign, sending this market looking towards the 3500 level. At this point, the market is likely to see a lot of volatility based upon the most recent headlines coming out of China, but at the end of the day people have been using the S&P 500 to move money out of places like Asia and into a performing economy like the United States. I have no interest in shorting this market anytime soon, so if we do break down from here, it will simply offer value given enough time. This is a market that has been in an uptrend for quite some time and that doesn’t seem to have changed.

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