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Christopher Lewis
S&P 500 daily chart, November 08, 2019

The S&P 500 has rallied significantly towards the 3100 level as word has gotten out that the Chinese suggests that the Americans are getting ready to remove tariffs. At this point, the market is bullish anyway so I do like the idea of going long but it looks as if the market is ready to pull back a bit based upon a parabolic move, and at this point we could see a significant pullback. Then pullback of course is a very interesting opportunity to pick up value, as the market has several levels underneath that could cause buyers the jump been.

S&P 500 Video 08.11.19

The 3050 level is very significant support, but at this point we could even drop down to the 3030 handle, possibly even the 3000 level. However, if we were to break above the 3100 level we could enter and even more parabolic phase, sending this market much higher. I do like the idea of buying then don’t have any interest in shorting. That being said, if we do break down a bit from here, I’m not going to try to get too cute with the market, I will simply look for signs of support underneath that offer value in a market that just is like a locomotive going higher. Because of this, I believe that simple patience will be needed, but could be heavily rewarded if you show it. Longer-term, based upon the ascending triangle, I believe that this market goes looking towards the 3200 level above that will take a catalyst or at least a pullback in order to bring in more traders to happen.

Please let us know what you think in the comments below

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