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Christopher Lewis
S&P 500 daily chart, February 26, 2019

The S&P 500 finds itself slamming into the 2800 region which of course has been a major spot on the chart. Now that the Americans and the Chinese look more likely to come together with some type of trade agreement, it makes sense that we have seen more buying pressure. However, we still have not got through that level, so it’s very likely that we have a bit of fighting ahead. Short-term pullbacks should offer buying opportunities though, but once we get above the 2820 handle, it’s very likely that we will continue to go towards the 2900 level over the longer-term, as it is a major area of selling pressure in the past.

S&P 500 Video 26.02.19

If we do roll over, it’s very likely that we are looking at a situation where the 2750 level would be targeted next. If we can get some type of pullback like that, it would probably attract a lot of attention and get people into the marketplace. While we have seen a significant amount of bullish pressure initially, it does look like there is a huge fight ahead, so it makes sense that we will have to deal with a lot of volatility. Once we get the break out though, it will probably be very explosive and could send the S&P 500 straight up in a parabolic manner yet again. The next couple of sessions will be crucial as to where we go next. With that, keep your position size appropriate as the damage could be drastic if things go against you.

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