SP500 Continues to Hover Right at the Familiar 50-Day EMA
If we break down below the bottom of the candlestick for the trading session on Tuesday, then it’s very likely we could go down to the 3800 level. That’s an area where we had seen the bottom of this consolidation, and the fact that the candlestick from the Monday session ended up being a shooting star does lead some credence to the idea that we may stay in that range.
If they are hotter than anticipated, we could see a flush yet again. On the other hand, if they are lower than anticipated, we could see a little bit of a short-term pop, although it’s probably worth noting that the CPI numbers are going to be a far cry from the 2% inflation that the Federal Reserve is aiming for.
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