FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
59,470,595Confirmed
1,401,384Deaths
41,113,400Recovered
Fetching Location Data…
Advertisement
Advertisement
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.

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US