S&P 500 rolling over slightly during Thursday session

The S&P 500 has pulled back a bit during the trading session on Thursday, breaking below the 2700 level. However, I believe that the market should have plenty of support closer to the 2675 level, so I think that this will end up being a nice buying opportunity. The S&P 500 continues to be very noisy, but the last couple of sessions have been exactly what we have needed: a bit of stability. The recent volatility has a lot of people concerned, but I think that professional traders are starting to look at the earnings season as one that is relatively positive, and that should continue to push the S&P 500 higher over the longer term.

I believe that this market will eventually go looking towards the 2750 level, but it might take some time to get there. Looking at these dips as an opportunity to pick up value is the best way to approach this market from what I see. However, the 2650 level being broken to the downside would causes market to reset, which is a signal to step away and look for some type of bounce to take advantage of. I don’t have any interest in shorting this market, unless of course we were to break down below the 2500 level. A breakdown below that level should send this market much lower. However, I think that we are looking at a market that is going to continue to be bullish overall, so take advantage of value as it appears. Expect volatility but expect buyers to return.

S&P 500 Video 20.04.18