Christopher Lewis
Add to Bookmarks
S&P 500

The S&P 500 fell a bit during the course of the week, reaching down towards the 3835 level before bouncing to show signs of strength. The candlestick of course is bullish now, and that suggests that we are going to continue to try to towards the 4000 level yet again. If we do, I expect to see a big fight and that area, but eventually we will probably break above it, and squeeze towards the 4100 level. I do not necessarily think that we can get above it in one shot, so I would anticipate quite a bit of noise, so buying on the dips continues to work.

S&P 500 Video 29.03.21

This is one of the biggest problem longer-term traders will face, so they will probably need to drill down to shorter time frames to buy dips. The weekly chart certainly looks bullish, as the 3800 level has been supportive, just as the 3700 level has been. All things been equal, I am a buyer and I have no interest in shorting unless of course the treasury yields get out of control. It does not seem likely to happen though, and another thing that you need to keep in mind is that the rising yields could be a sign of economic strength, it is more or less the rate of change the people are worried about. As long as we can get some type of stability in the treasury markets, that should no longer be a major problem for the stock market. That being said, we may have a little bit of more sideways action than anything else, but eventually the buyer should prevail.

Know where the Market is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

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