The market had an initial negative reaction to the employment numbers, but rallied after wards reaching the 50 day moving average, unfortunately the rally didn't hold and 15 minutes before the closing bell, sold off closing at 1022 .So far the S&P has closed down 9 days in a row and everyone is saying that the market is oversold, (which it is) and due for a bounce, but we know how the market works and never does what everyone is expecting.
Support remains at 1010 and resistance at 1040
The 50 day moving average is already touching the 200 day moving average, which entails what's coming next.
No comments:
Post a Comment