·         The S&P 500 initially fell during trading on Wednesday but found enough support near the 2850 level to turn around and rally rather significantly. This market continues to consolidate and look for buyers on dips, as we most certainly have a bullish attitude.

S&P 500 traders continue to pick this market up off of the floor every time it falls, and of course Wednesday wasn’t any different. We fell to the 2850 level before finding and of value hunters come back in and rally towards the 2860 level by the time the Europeans went home. Because of this, the market looks likely to continue to be one that you can buy on dips, for short-term moves. I see a significant amount of support at the 2850 level now, as well as 2800.

The pan-European Stoxx 600 was off by 0.3 percent with almost every sector in the red. Oil and gas stocks were among the worst performers in early deals, amid growing geopolitical tensions. Basic resources were also down on concerns over an escalation in trade wars.