Thursdays price action implies the finish of profitaking. In other words, I am looking for buyers to return to the S&P 500 by the close of Friday. There are 2 drivers to this price expectation. The 1st 1 is that the downward price action we are looking at is the markets reaction to inflation data and Thursdays price action implies that reaction is over. The 2nd issue is does the market want to stay short going into the weekend. My expectation is that the market will firm up as we go into the weekend with recent sellers taking profits and buyers coming in at these lower prices.
today the bond market was closed.. essentially i dont even consider today a "real" trading day. I'd like to see what happens tomorrow
DanGramza
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@sagarkasukurthy, Good point. It will be interesting to see how the market finishes out the week.
orange369
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...slowly but surely, from boring, the "analysis" is becoming annoying ..."market doesn't want to stay short going into the weekend"...lol ..."buyers coming in at these lower prices"...lol perhaps a comedian
DanGramza
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@orange369, thank you for your perspectives. Differences of opinions is what drives the market.