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S&P 500 sluggish during trading on Thursday
Updated: Jun 8, 2018, 05:34 GMT+00:00
The S&P 500 did very little during the day on Thursday, as we were just a little bit sluggish, selling off ever so slightly in the beginning. I think there is plenty of support underneath though, so at this point we will probably find buyers underneath looking to pick up value. Overall, I do think that the S&P 500 continues to rally, so being patient is probably the best way to go, taking advantage of value as it appears.
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The S&P 500 went sideways overall during the day on Thursday, and then dipped a little bit. I think that the market should continue to find plenty of support underneath, and I believe that the market will probably go looking towards the 2800 level. The S&P 500 of course has been very bullish over the last couple of days, so a short-term pullback makes a significant amount of sense and also I think should keep this market somewhat in check. Even though I think that we will go higher, and of course if we get a pullback, that should give us a bit of value, so we can take advantage of that when it occurs. I think we are going to get that opportunity, and I think that the 2760 level will be a bit of support.
I believe that the overall attitude of the market will continue to attract a lot of attention as the US markets are outperforming many of the other ones around the world. I believe that if we can get away from talks of a trade war, that should continue to push the S&P 500 higher as well, and at this point I don’t have any interest in shorting. I believe that the 2700 level is going to offer a bit of a “floor” to the uptrend.
S&P 500 Video 08.06.18
About the Author
Christopher LewisSenior Analyst
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
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