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The stock market continues to meander below the 2047 resistance level on the S&P 500 index undefined , providing us with an entire 14 points of upside movement within the last 10 days.

For now, we will continue to watch the 2047 resistance zone, but until the S&P 500 decisively breaches the 2077 area, we still can't be completely bullish or start talking about targets above 2300. Until the market breaks that 2077 area, the expectation is that it is setting itself up to make a lower low heading into November.

Support at this time for the S&P 500 resides at 2015-2020, with 1990 below that. Until the S&P 500 is able to move below 1990 impulsively, there will be no indication that the market has finally turned down to potentially target the lower lows I would like to see to complete this correction that has been in process since May.

Still, this remains a long-term bull market, and we are expecting to see the S&P 500 rise to more than 2300 going into 2016. The only question right now is whether the run to those levels will begin from a lower low.

See charts illustrating the wave pattern of the S&P 500.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.