The S&P 500 has rallied rather significantly during the course of the trading session on Thursday to climb back above the 4400 level. That being said, we have the jobs number coming out on Friday, and that will of course attract a lot of attention. With that being the case, I look at the 50 day EMA being broken to the upside is a good sign as well, so I do anticipate that we go higher. Quite frankly, this market goes higher over the longer term anyway, so it is difficult to imagine shorting this market regardless.
I think given enough time, the market probably goes towards the all-time highs again, but that does not necessarily mean that it will be easy. If we get some type of selloff during the day on Friday, I suspect that will only end up being a buying opportunity yet again.
S&P 500 Video 08.10.21
Underneath, we have the 4250 level that has offered significant support, and of course the narrative on Wall Street will continue to adjust to a bullish tone given enough time. Yes, there are a lot of concerns in China right now but at the end of the day the contagion has not happened. With this, I think that we have a little bit of a barrier at the 4475 handle, but once we break above there, we should be able to shoot straight towards the top. If we were to turn around a break down below the 4250 handle, then I might be a buyer of puts, as the market more than likely would go looking towards the 200 day EMA underneath.
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