The S & P 500 fell sharply on Tuesday as the Americans returned to work. Frankly, it seems like we're trying to figure out if we have legs to move next to the top. The 2600 level below seems to be supportive. It should be noted that buyers have returned to the market at the end of the day to lift the market at the 50-day exponential moving average, so I do not think it's time to start selling, and I think it's simply a matter of retreat looking for support. I prefer short-term buying positions on small declines, but I realize that we are likely to see further movement back and forth within 100 pips. If we break above 2700, then I think we might rise higher. Until then, I think we will simply get back and look for direction.
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I think if that wedge pattern breaks down furthers, the 2,200s are likely. Prior wedges have all broken downwards: