The S&P 500 is slightly positive during the early part of the trading session on Wednesday, as we continue to see buyers come into the market.
S&P 500
The S&P 500 is slightly positive during the early part of the trading session here on Wednesday as the markets remain very noisy in general. All things being equal, this is a market that continues to see a general uptrend in place, but it is also worth noting that the market has slowed down over the last couple of days. It's possible that part of what's going on is that we are just simply trying to do anything we can to determine whether or not risk appetite will pick up. We are also in the midst of trying to get through earnings season and perhaps even work our way through the froth that has certainly picked up in this market. Working that froth off will allow new bulls to get involved in the trend with a bit more comfort, or even FOMO once we break higher.
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Technical Targets and Upward Momentum
Ultimately, this is a market that I do favor to the upside, and short-term pullbacks, I believe, are going to end up being buying opportunities, given enough time. That being said, a lot of patience will probably go quite a bit of distance here as well. And with that being the situation that we are looking at here, I think position sizing will continue to be paramount, with the idea of dips offering value that traders will take advantage of, as the uptrend has been so strong.
After all, we broke out of a major consolidation area between 7,300 and 7,600, and the measured move suggests 7,900. We are forming what looks like a bullish pennant, and I still think that the overall upward momentum continues, given enough time.
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