A short-term pause looks to be developing for the Standard & Poor’s 500 index as it stalls under resistance at the summer highs between 3000-3029. During the September rally, short-term momentum indicators have moved toward overbought levels. This generally suggests a 2-4 week pullback/pause.
However, the far more important point, particularly for investors versus traders, continues to be the bullish longer-term view that remains in place, suggesting further upside in the 4Q and well into 2020. In other words—and yes the cliché is overused but it is very applicable here—don’t lose sight of the forest for the trees. Stay long stocks.
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