Fasten Your Seat Belts: The S&P 500 May Be Ready To Take Flight

Since the Brexit ruling came down on the final Friday of June, we have witnessed incredible volatility in the markets. Major indexes like the S&P 500 and the Dow Jones Industrial took major hits in the initial stages following the ruling, however a quick recovery supplanted almost immediately after. This all said, the most imperative market movements may be still ahead of us. In mid-2014, a new trading range formed when the S&P 500 broke through its $1800 level and reached past the $2100 level. Although the S&P 500 fell 5.33% from the top of that range immediately after Brexit, an almost immediate recovery has it back around $2100 as the market enters earnings season. On Friday's edition of PreMarket Prep, Ralph Acampora, the Director of Technical Analysis for Altaira Wealth Management, professed his outlooks for the S&P 500. "The true test is right here. The S&P is about 2% away from its high. 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 said. "Monday's intraday low was 1991. That to me is 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. Given the actions in the market and Acampora's statements, however, 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. For more trading ideas and insight on daytrading check out PreMarket Prep LIVE every morning from 8-9:30 here. You can also listen to complete episodes on Soundcloud, iTunes and Stitcher.