Buying on the dip probably continues to be the most likely of strategies to work, and the most likely of behaviors to see.įor a look at all of today’s economic events, check out our economic calendar. Keep in mind that Apple by itself is almost 7% of the S&P 500, so this really comes down to a handful of stocks more than anything else. One thing is for sure, Wall Street still runs on narratives and monetary flow, so as long as people are willing to put money into the market, then this market will eventually go higher. In general, I think this is a situation where the markets will continue to find plenty of buyers, despite the fact that the interest rates in the bond market continued to run in the opposite direction. The 4400 level is an area that I think a lot of people will be paying attention to, but underneath there we also have the 200-Day EMA a couple of hundred points underneath. If we were to turn around and break down below the 50-Day EMA, then I think you’ve got a shot at breaking back down to the 4400 level. At this point, we have to ask questions as to whether the market can continue to go higher, but one thing is for sure, the Wall Street community has an excellent ability to come up with a narrative to continue buying stocks. Underneath, we have the 50-Day EMA near the 4500 level that is rising, and I do think that the market will continue to see a lot of support based on that, and then of course the market will continue to see a lot of technical trading in general.
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