S&P 500 traders relax on Wednesday

The S&P 500 went sideways during the trading session on Wednesday, with a slightly negative tilt. I think the 2600 level should offer plenty of support, and I think that the uptrend line should continue to be very important. I think that the 2600 level being broken to the downside would be rather significant, perhaps sending the market down to the 2500 level. Alternately, and more likely, I think that if we can break above the 2640 level, the market should continue to go higher, perhaps reaching towards the 2700 level.

The noise that we see in this market should continue to be a mainstay, because we have had a lot of confidence shaken. However, I think that the value hunters will eventually step in, because quite frankly corporate earnings suggest that stock should go higher. I recognize that the interest rates going higher in America puts a certain amount of bearish pressure on stocks, but I think it is a short-term phenomenon, and not something major. I like the idea of buying the S&P 500 if we can stay above the 2600 level, and then eventually could go towards the 2680 handle, perhaps even higher than that, reaching towards the 2800 level and beyond. This market continues to be very noisy, but I think it’s only a matter of time before the buyers will take over.

S&P 500 Video 26.04.18