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Christopher Lewis
S & P 500 daily chart, September 21, 2018

The S&P 500 took off to the upside during the trading session on Thursday, as the US dollar got sold off in stock markets rallied rather significantly. Because of this, it looks as if the stock markets are ready to go much higher as we find ourselves a fresh, new highs, and of course people seem to be ignoring the potential danger of the trade war, or at least recognize that the true pain of that situation is months out, and therefore they are focusing on strong earnings. With the currency market as a tailwind, the market turned right back around and shot straight through the roof. We did close near the highs during the previous session, so it makes sense that we saw a little bit of follow-through.

I think at this point, the 2920 level should offer significant support, as it was previous resistance. Given enough time, the market participants will probably continue to jump in and try to pick up value, as the market certainly has a lot of momentum to the upside. I believe that you should be looking for value, just as everyone else seems to be right now. Quite frankly, the market cannot be shorted for any length of time, and I believe at this point we will continue to find plenty of reasons to go long, be it good news coming out of the talks between the United States and China, or perhaps if it’s thoughts that the Federal Reserve can’t raise interest rates in this environment. Quite frankly, the market is trying to talk itself up.

S&P 500 Video 21.09.18

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