Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis
S&P 500

The S&P 500 has shown itself to be rather resilient during the week, even though we sold off quite drastically. It looks as if the 3200 level is offering support, an area that has been previous resistance so at this point even though it has been rather ugly, it has been a simple pullback to support. The question now is whether or not we can hang on to the 3200 level? If we do not, then the market is likely to go looking towards the 3100 level which is where the 50 week EMA sits. Underneath there, the 3000 level is worth paying attention to as well, because not only is it structurally important in the past, but it is also a large, round, psychologically significant figure.

S&P 500 Video 28.09.20

A lot of the selling may have been due to US dollar strengthening, I think at this point it is worth paying attention to the fact that we had formed an inverted hammer during the previous week, so it certainly has a lot of resistance above it. Chopping back and forth between now and the election would not be completely out of the realm of possibility, as traders are bit concerned about what happens next. The VIX has settled down a bit, so that could help the markets as well, as we are starting to see the pullback decelerate at the very least. While I am not bullish yet, I think that opportunities will present themselves to the long side if you are patient enough. We may have a week or two of choppy going nowhere, but eventually a decision will be made.

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

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.