SP500 stocks index tests trendline and fails: StockTrading StockMarket
On the other hand, if we were to break above the top of the candlestick for the trading session on Thursday would be a huge victory for the buyers, perhaps opening up the possibility of moving towards the 50 day EMA. What I find interesting is that the market seems to be ignoring the 10 year note over the last couple of days as we have actually seen interest rates rather stable.
I would anticipate a lot of choppiness, and quite frankly Friday does not seem like it offers a lot of hope for people wanting to hold into the weekend unless of course something big happens. After all, when you see this type of volatility do you feel like holding onto stocks while you could open up limit down in the futures market on Monday?
Most professional traders feel the same way, and therefore I just do not see Friday be in an overly bullish day without some type of good fundamental news.We are still within the range of potential sideways action more than anything else, as consolidation between 4500 and 4700 would not be out of the question. After all, we have had a nice run to the upside for quite some time.
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