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Christopher Lewis
S&P 500

The S&P 500 has shown itself to be very negative during the week, slicing towards the 3300 level as there has been a bit of a bloodbath. That being said, the 3200 level has a significant amount of support attached to it, and therefore I think we will probably find buyers somewhere in that general vicinity. However, if you are a longer-term trader you can recognize that the market does typically go higher over the longer term so simply waiting for a massive pullback and some type of supportive candlestick could be a viable scenario to trade.

S&P 500 Video 14.09.20

I do like the idea of going long based upon value, because after all the Federal Reserve is out there to make sure the markets never truly fall apart. With this, it will be interesting to see how things behave and I do think that in the next week or two we should see a rather support of candle. Beyond that though, we also have to worry about volatility picking up over the next several months as we head towards the election. This makes perfect sense, and therefore I think that is probably how we continue to trade in general.

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The 50 week EMA is all the way down at the 3100 level, and I think it will continue to be something worth paying attention to. The 3000 level after that is massive support. It is not really until we break down below there that I would become relatively concerned, and even then, we have already seen that sooner or later the Plunge Protection Team comes out and protects everyone.

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

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