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Christopher Lewis
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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.

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

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