S&P 500 Plunges Below the 50-Day EMA -
Christopher LewisGet DailyForex analysis to your emailThe Federal Reserve had a meeting during the trading session on Wednesday and announced a rate hike.gapped lower to kick off the trading session on Thursday, and it didn’t bother looking back. We broke down through the 50-Day EMA, as we continue to see a lot of negativities out there.had a meeting during the trading session on Wednesday and announced a rate hike.
Furthermore, the market then tried to find some type of dovish statement in all this, only to see the market turnaround as the adults came back to work.Keep in mind that we see this quite a bit, where the market does everything it can to find something dovish in a Federal Reserve statement, only to see the exact opposite happen the next day when people really began to pay attention to the fact that the Federal Reserve is going to remain tight for much longer.
Once we get into next week, things get interesting, since the market has the blackout period coming, which is when companies cannot buy back their own stock. Keep in mind that a lot of what’s been lifting the stock market for years has been companies buying their own stock. Beyond that, we also have holiday illiquidity coming, so that of course has a certain amount of danger attached to it as well. While we normally talk about the “Santa Claus rally”, we may be talking about a selloff at the end of the year. Position sizing is going to become more and more crucial the later we get in the month, so please if nothing else, be cautious.
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