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Rallies to start the week

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Looking at this chart, there are plenty of reasons to believe that the overall ugliness will continue, so know that a reversal is more likely than people scrambling for the exits.

  • The S&P 500 E-mini contract rallied significantly to show signs of life in Monday’s trading session.
  • The 3600 level provided a major support level and now it is likely to continue as a very volatile pressure mix.
  • If we break above the 3750 level, it could start an even bigger recovery rally, but I still think there is enough downside to bear this market down and worry.
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This size of the candlestick is actually something to pay attention to, but it doesn’t mean we’re going to follow through. After all, we’re in a very negative market overall, so these bounces not only suck people back into the market, they spit them back out. Bear market rallies can be vicious, so keep that in mind. Looking at this chart, there are plenty of reasons to believe that the overall ugliness will continue, so know that a reversal is more likely than people scrambling for the exits.

Waiting for job numbers

The 50-day EMA has reached the 3950 level, but remains low. You can see that I have a maroon rectangle near that normal, which I believe is important “market memory” as it was previous support. It should now be resistance going forward, so I’ll treat it as such. I’m not interested in trying to be too cute with this, I think we’re not going to see a situation where you’re going to see the rallies fade, but you’re going to have to wait a few days to get that. Keep in mind that we have jobs numbers coming out on Friday, which slows things down a bit at the end of the week.

Whether this is good or bad news remains to be seen, but it will almost certainly be the focus of the market. At this point, it may be a bit of a relief rally or the drift may be more due to a general lack of interest in the market. It’s a short-term closet, not something I put a lot of stock into.

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Rallies to start the week

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Rallies to start the week

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Rallies to start the week

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