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Christopher Lewis
S&P 500

Perhaps the S&P 500 is a little bit worn out at the moment, because quite frankly we have seen so much volatility in general. That should continue to be a mainstay in this market but as we go into the holiday, it is hard to imagine that a lot of people put in big-money to work. That is something that you need to pay attention to, the fact that Thursday is Thanksgiving Day. While there will be some electronic trading in the Globex markets as far as futures are concerned, the underlying index will not be moving. Because of this, perhaps people were taken profit heading into the uncertainty of a closed market. Regardless, this is a market that is bullish overall, but it looks like it is prime for a pullback.

S&P 500 Video 26.11.20

That pullback should set up a nice opportunity near the 3500 level if we get back down there. After all, the S&P 500 has been moving based upon liquidity measures more than anything else as of late, and of course the vaccine news. We have gotten far ahead of our skis at this point in time, so I expect some digesting of gains to be the norm short term. A pullback would be healthy, and therefore allow people who have been sitting on the sidelines to jump into the market and take advantage of what is obviously a very strong uptrend.

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The 50 day EMA underneath sits supportive at the 3461 handle, and rising towards the price action, so I think it is only a matter of time before people get involved based upon a longer-term move as well.

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

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