The S&P 500 is finding buyers on short term dips. Will it succeed? Forex Stocks
If we do turn around and break down below the 200 day EMA, then I think we will test the 4300 level rather quickly, perhaps then looking towards the 4200 level. Anything underneath there could send this market much lower. On the other hand, if we break above the 4600 level, then it more than likely will have the S&P 500 racing towards the recent all-time highs.
Tightening monetary policy is typically a bad thing for markets, but we should keep in mind that the markets will do whatever it is they want to do. At this point, the market is looking like it wants to try and rally, but we have a lot of work to do in order to make that stick. The markets will remain volatile, so you need to keep your position size relatively small to begin with, but again, as I have said multiple times - you can always add as theis moving in your favor. Be patient, because the market will more than likely continue to see a lot of concerns expressed in the form of volatility. While the VIX did drop a bit during the trading session, we are still elevated from a historical standpoint.
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