Stocks Hold Strong Making Late Day Come Back As Bear Lose Again
S&P 500 (SPY)
Stocks managed a pretty impressive end of day rally, with the S&P finishing flat after testing support around 2,690 multiple times throughout the day. The good news is that not only did the S&P hold support, but the bears appeared to give up and stocks lifted.
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The VIX failed to rise above 17.50 and saw a sharp decline.
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Russell 2000 (IWM)
The Russell held support nicely around 1,492.
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The way I interrupt today’s activity is very bullish going forward. I do think the S&P 500 is still on track to reach 2,800 over the next few weeks. Although it seems less likely now to happen by the end of next week, the fact the market held steady all day long despite constant pressure would indicate to me that buyers are willing to step in a buy stocks on the dip again. This is clearly something we did not see in the month in the fall three months of 2018.
Disclaimer: This article is my opinion and expresses my views. Those views can change at a moment's notice when the market changes. I am not right all the time and I do not expect to be. I ...
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