The SP500 initially tried to rally during the trading session on Thursday but then broke down rather significantly.
Beyond that, we also have the hammer from the Monday session that sits right around the 50 day EMA, so it does make a certain amount of sense that we would see a lot of interest in this area. Ultimately, this is a market that I think does have plenty of support underneath, but it is difficult to get overly aggressive on Friday as I think we have to make quite a few decisions in this general vicinity.
I do not think that we are likely to see much in the way of an attempt to break out above there in the short term, but over the next couple of days we may get back to that area . If we do, and more importantly break above that then it allows the market to go looking towards the 4800 level above which has been like a brick wall for the market. If we were to break above there, it would obviously be a very bullish sign, but right now I just do not see it happening very easily. This will be especially true as people continue to worry about the Federal Reserve tightening monetary policy.
I am paying close attention to the 4600 level underneath, because if we break down there then it is possible that I might be a buyer of puts but that is about as negative as it would get
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