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Christopher Lewis
S&P 500

The S&P 500 has shown itself to be rather resilient over the last couple of trading sessions, and the 3200 level now looks to be significant support. Looking at this chart, you can see that the market has bounced a bit during the day, after forming a very neutral candlestick on Thursday. The 200 day EMA sits at the 3132 level, so that is also an area that you should be paying attention to for potential support. Longer-term, it is very likely that this market will continue to go higher, but the question is whether or not it is going to take up right away? I do not think so. I think we probably get a bit of grinding back and forth, which quite frankly is good because that builds confidence in the market.

S&P 500 Video 28.09.20

One of the biggest problems we have going forward as the fact that we are heading into the election, and there are a lot of concerns about the uncertainty of that situation. Beyond that, we also have the coronavirus figures to continue to cause issues, so I am not overly excited about putting a ton of money into the market right now. Buying short-term dips makes sense, as long as we can stay above the 3200 level but keep in mind that it might be a bit difficult to break above the 50 day EMA at 3314. If we do, then we have the ability to go looking towards the 3400 level, but I anticipate this is going to be more choppy behavior for the next several weeks.

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

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