S&P 500 Struggles after Americans cancel North Korean meeting

The S&P 500 has fallen a bit during the trading session on Thursday, reaching down to the 2700 level, an area that has been supportive in the past. I don’t know if wit holds or not, because as I record this we are approaching it, but at the end of the day I don’t think it matters if we don’t. If we do hold there, then it is a continuation of the overall consolidation, between the 2700 level on the bottom and the 2740 level on top. I think that the market will continue to find buyers longer term though, because quite frankly the S&P 500 and the earnings have nothing to do with what’s going on in Pyongyang.

I’m waiting to see the markets stabilize or perhaps bounce before putting money to work, but I most certainly have no interest in shorting this market. I recognize the market could break down rather significantly, but I think that once cooler heads prevail we will see the S&P 500 pick up a bit of momentum to the upside again. As I record this, we are 0.8% lower, which although looks kind of rough on the hourly chart, in the big scheme of things is very little compared to the overall uptrend. I’m a buyer on dips and buyers of bounces with no interest in selling anytime soon as corporate earnings have been good.

S&P 500 Video 25.05.18