- The S&P 500 has been on fire during the trading session on Wednesday, as we have seen a lot of noise around the story that came out of the New York Times that President Donald Trump in the United States was going to fire Jerome Powell. That has since been proven wrong.
- And now the market looks like it's just sighing a breath of relief.
- The market had previously really looked like it was going to fall apart. But now, as I record this in the middle of the New York session, it is simply going sideways, and it just doesn't look like there's anywhere to be at the moment.
- That does make a certain amount of sense because we got to this region so quickly from April and now, we have to work off some of this excess froth.
I am Watching Some Specific Levels
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Some of the levels that I am watching right now include the 6150 level which was the previous swing high and then the 6000 level which of course has a lot of psychology attached to it as well as the 50 day EMA. The other one that I'm watching from a more of a bullish perspective would be at the 6300 level. If we can break above then I anticipate a move to the 6,400 level followed by 6,500, which I do think happens eventually.
Nonetheless, this is a market that I think you have to look at dips as potential buying opportunities because quite frankly, if you zoom in on the charts, you can see that even in the midst of all of that panic, we respected the little bit of support that has been part of this market for two weeks. So that tells me about the market over the longer term wants to go higher.
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