Underneath we have the 42,000 level, which, of course, is a large, round, psychologically significant figure that has attracted a lot of attention. The 50 day EMA is trying to break above the 200 day EMA to kick off the so-called Golden Cross.
S&P 500 Technical Analysis
In the S&P 500 we initially tried to rally, but the $6,000 level continues to be a bit of a brick wall here. I think at this point in time you should probably take a look at the supply offered just above $6,000 from the initial sell-off candle that has not been taken out, and I think at this point in time it’s going to be difficult to get above there unless we get something from the jobs number that really gets the market moving. Otherwise, we may go sideways for a while between 5,800 and 6,000, but only time will tell. All things being equal, this is a market that I think does have a bullish lean to it, but it just doesn’t have a reason to truly take off yet. We’ll see what Friday brings because I think, unfortunately, Thursday is probably going to be more of the same grind.
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