SPX500 Index Looking to Break the 4500 Barrier -
Looking at the chart, you can see that we have had three days of back-and-forth action, so if we can break out of this little box, it would show that the market has made up its mind to continue going higher. However, if we were to break down below it, that would be a sign that we just formed a short-term top. In that scenario, I would assume that we go looking towards the 200 Day EMA near the 4388 handle.
The choppy behavior of the last couple of days will either be the market hesitating or building up enough momentum to continue the big move higher. It is a bit early to make that distinction, but the Thursday candlestick certainly suggests that the buyers are still very much alive, and very likely to continue pressing the issue.
If we finally do break above that 4585 level, it opens up the possibility of a much bigger move, perhaps reaching the recent all-time highs over the longer term. That would be difficult, but possible. Obviously, we need either good news or just a simple lack of volatility to make that move.
Markets continue to be noisy but at the end of the day it is obvious that we have seen the buyers quite clearly.
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