S&P 500 continues to pressure support. Trade stocks here:
. That’s an area that we have pulled back from and has been supported in the past. Ultimately, I think we are going to consolidate in the short term until we get the CPI numbers on Thursday which could push us over the edge as far as inflationary concerns or address, or perhaps even breakout to the upside if it comes in much lighter than anticipated.
After all, the S&P 500 must worry about a global economy that is essentially falling apart and slowing down. Remember, the biggest companies in the S&P 500 will continue to struggle with slowing European markets, and even Asian markets.EMA which is sitting just below the 3900 level. That is a dynamic resistance. A lot of people will be monitoring closely, and therefore I think we’ve got a situation where it’s only a matter of time before you can fade. The alternative of course is that we simply break down, and that opens up a move down to the 3500 level rather quickly. In that scenario, we could blow through there and go much lower.
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