The S&P 500 has initially tried to rally during the trading session on Tuesday but gave back quite a bit of the gains as we have formed a less than desirable candlestick. That being said, it looks as if the three 450 level is going to offer a significant amount of resistance, but more importantly we have the support level near the 3400 level. I think that a couple of hammers that were formed previously before breaking above that level shows just how much interest there is in this market, so I like the idea of buying a dip that shows some type of bounce.
At this point in time, it is likely that the market will continue to be very noisy, but I do think that we are going to go looking towards the 3500 level. With that being the case, it is very likely that we will continue to see a lot of choppy and volatile trading, but at the end of the day with Jerome Powell speaking at Jackson Hole this week, it is likely that there will be some type of dovish statement that could help the stock market as well. The market has been relentless in its move higher, but now needs to retest the previous all-time high at the 3400 level to get a lot of confidence flowing into the market and thereby sending stocks much higher. The pullback that we are seen during the Tuesday session is typical and a completely normal. #S&P500##Fed#
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