SP500 - Consolidation During Limited Trading
was closed, but the futures market experienced limited electronic trading for the day. However, the market has been looking at support just below and Friday ended up forming a hammer, suggesting that the market could turn things around and continue its overall consolidation.level as it has attracted both the 50-Day EMA indicator and the 200-Day EMA indicator.
With that being said, it is important to keep in mind that we are in the midst of earnings season, and this has its own influence on the market. We can expect erratic behavior at this point and the possibility of the Federal Reserve keeping interest rates hawkish for longer than anticipated. The 4200 level is an area of interest, and if we break above there, it is likely that the S&P 500 could climb another 100 points.Alternatively, if we turn around and break down below that 4000 level, the next major support level would be the 3800 level, which has been an important level several times in the past.
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