The S&P 500 rallied a bit during the trading session on Monday as we continue to see buyers jump into the market after the holiday season. That being said, the 3300 level above will attract a certain amount of attention, because if we can break above the large figure, it will have a few more buyers jump in in. There is a lot of momentum to the upside, but quite frankly this is a market that is probably in need of a pullback in order to build up the necessary momentum to continue show a lot of strength. Quite frankly, I don’t have any interest in shorting this market regardless as the 3200 level will cause a bit of support based upon the recent bounce from there as well.
S&P 500 Video 14.01.20
This is a market that also has the 50 day EMA reaching towards the upside, so that could also offer a bit of support as well. The market continues to find plenty of buyers on dips as it offers plenty of value, and that’s the way to look at this market. Not much has changed as far as fundamentals are concerned, although it must be said that this year won’t be as explosive as last year was. Nonetheless, the trend is still very much intact and fighting this trend has been disastrous for the better part of the decade with the exception of a couple of short-term selloff. Until attitude changes and the Federal Reserve changes its tune, you can’t sell these indices, with the S&P 500 showing extreme bullish behavior.
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This article was originally posted on FX Empire
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