Friday, September 30, 2016

S&P500 Trade for October 2016 (maybe longer)

From a purely technical viewpoint, the S&P500 can be sold at current levels (2,145) down to a target of 2,100. At that level I expect the market to then trade sideways while institutional traders consolidate their positions before the US equities market takes another step down to its next consolidation level.

Equity market sentiment can be expected to be bearish in the short term, therefore traders can look to sell holdings into price rallies while investors can look to increase holdings on price drops.

Happy trading.

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