The S&P 500 initially fell during the trading session on Wednesday, but we have found enough support at the 2735 level to bounce and rally significantly. The 2750 level looks to be resistance, and I think if we can break above there it’s likely that the market will continue to go much higher. I think that the market is continuing to base its decision based upon tax laws, and perhaps even potential global growth.
The S&P 500 has initially fallen during the trading session, reaching towards the 2735 handle. There’s enough bullish pressure in that area though that we turned around and rally. Ultimately, I think that if we can break above the recent highs, the market is free to go to the 2800 level, and then possibly even 3000 which is my longer-term projected target for 2018. Ultimately, this is a market that is going to be very noisy, but I believe in buying on dips as it has been proven more than once that algorithmic traders are willing to get involved.
In general, I’m not interested in selling this market, because I believe that the overall uptrend continues to be very important, and certainly very aggressive. I think that the market will eventually find reason enough to rally based upon just about any metric you throw at it. I think that the market continues to be noisy, but I also believe that the underlying trend is certainly intact, and it’s very likely that we will continue to find that dips will be looked at as value. As long as that’s the case, and there’s nothing on this chart to suggest that it will change, we should continue to find plenty of buyers. I have no interest in shorting.
MORE WILL UPDATE SOON!!
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