S&P 500 Index Fails at 200-Day EMA Forex stocks
On the upside, we have the 200 day EMA, and if we can break above the 200 day EMA it is likely that we could go looking towards the 50 day EMA that sits just below the 4500 level. That is an area that attracts a certain amount of attention, and I think we would see a lot of sellers coming back in. We are in the midst of the end of the earnings season, and it is likely that we will see a lot of hesitation on rallies.
The downside could have the market looking towards the 4000 handle which is a large, round, psychologically significant figure. The 4000 level being broken to the downside would attract a lot of attention and therefore could have a lot of people scrambling to cover leveraged positions, and it may cause a massive “flush lower.” On the other hand, it could also have the Federal Reserve finally saying something to stabilize markets.
I look at rallies as selling opportunities and have absolutely no interest in getting long anytime soon. The 50 day EMA is crashing towards recent price action, and therefore I will add even more downward pressure going forward.
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