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The S&P 500 has rallied a bit during the course of the trading session on Thursday as we continue to find plenty of reasons to go higher. The S&P 500 is moving based upon the idea of liquidity measures and of course the fact that Jerome Powell was so dovish certainly helps the situation as well. Ultimately, this is a market that I think will continue to find plenty of buyers on dips based upon that, and of course the fact that we have a lot of support underneath. The 4400 level itself of course is an area that will attract a certain amount of attention, but beyond that we also have the 50 day EMA and the uptrend line.
S&P 500 Video 30.07.21
If we were to break down below there, then the 4200 level should be supportive, and then the 4000 level underneath would be the “floor in the market”, as we have the small gap and of course the 200 day EMA coming into the picture to offer a bit of support. If we were to break down below there, then I would be a buyer of puts, but I would not necessarily short the market flat out.
To the upside, the 4500 level is a target for the short term, as it is a big figure that a lot of people should pay close attention to. If we can break above there, then we will probably go looking towards the 4600 level, as the market tends to move in 200 point increments, as the past action has shown. Ultimately, this is a market that I have no interest in shorting and do not see an opportunity to do so anytime in the near future.
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This article was originally posted on FX Empire