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Christopher Lewis
S&P 500 weekly chart, July 08, 2019

The S&P 500 is currently pressing the 3000 handle, an area that of course has a certain amount of psychological importance. If we can break above that level, it’s very likely that the market will go much higher, perhaps the 3100 level. Short-term pullbacks should continue to offer buying opportunities as we are in such a strong uptrend. That doesn’t mean that we don’t look to sell these dips, because quite frankly it’s only a matter of time before value hunters come back in. The 2900 level underneath is supportive of the daily chart and features a bit of a gap down to the 2880 handle. I think it’s only a matter of time before we get buyers to the upside, and we finally clear the 3000 level.

S&P 500 Video 08.07.19

A daily close above the 3000 level is a strong sign and should continue to attract even more money. I have no interest in shorting this market as long as we can stay above the 50 week EMA on the chart, so as you can see, this bullish market should continue to flower higher, so look for any hints of strength that you can take advantage of. This is a market that is powered by cheap money, and that should continue to be the case as the Federal Reserve looks more than likely to keep interest rates very low. If for some reason the changes, this market will crater, but unfortunately I don’t see that happening anytime soon.

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