The S&P 500 fell during the trading session on Thursday, reaching down towards the 2875 level. This is a market that got spooked during the day but there are still plenty of support of areas underneath to keep this market afloat. If we can pull back towards one of these of trendlines, we could have an opportunity to go long. I think that with the jobs number coming out during the trading session, is very likely that we will see a lot of volatility. A lot of position squaring, and a lack of liquidity could be an issue. Quite frankly, I would like to see the market pull back towards the uptrend lines, and then perhaps showing signs of support that I can buy. At this point, I think it’s likely that we could get some value in this market if we are patient enough. Until then, stand on the sidelines and wait for the trendlines to be tested.
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S&P 500 and NASDAQ 100 Forecast September 7, 2018