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Christopher Lewis
S&P 500 daily chart, September 10, 2019

The S&P 500 rallied a bit during the trading session on Monday as traders came back to work from the holiday, but at this point it doesn’t look like the markets quite ready to take off to the upside. There is a lot of resistance above, especially at the 3000 level that extends all the way to the 3050 level. With that being the case, I think that a pullback from here will probably go looking towards the 2950 level which was the top of the previous consolidation area, which should now be supported. Based upon the measured move, we could be looking at a move to the 3100 level.

S&P 500 Video 10.09.19

A lot of this will come down to whether or not the Federal Reserve is likely to cut rates or beyond, and at this point I think it’s only a matter time before we do see some support though. This is a market that continues to be very noisy, and quite frankly with the world of trouble out there just waiting to happen I volatility is going to get worse, not better. With that, I think that the market is one that you need to be very small in, but right now it still looks that even though we may get a short-term pullback, it still has a lot of buying pressure in it. Looking at all this noise, I wouldn’t blame you for staying out of it because it is so dangerous.

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