Fasten Your Seat Belts: The S&P 500 May Be Ready To Take Flight
Since the Brexit ruling came down last Friday we have witnessed incredible volatility in the markets. But the biggest market movements may be still ahead of us.
The $1800-$2100 trading range we've been in since mid-2014 has proven to be a tough nut to crack, but legendary technical trader Ralph Acampora thinks we could be on the cusp of a big move.
"The true test is right here--the S&P is about 2% away from its high," he said. "My feeling is if we don't deteriorate in the next few days, maybe a week or so, I think the odds are that we could take that high out."
Acampora also called Monday's intraday low of 1991 "The line in the sand."
"If we hold there, and I think we will, then the next move to the upside will be new highs."
The initial stages following the Brexit ruling undoubtedly sent traders and investors into a frenzy. But take note bulls: the best days of the S&P 500 may be ahead of us.
"I think the floor will hold. I'm willing to say, and my work suggests, that we make new highs."
Listen to audio of Ralph Acampora's interview at the 1:10:35 mark in the clip below.
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