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Dow Jones 30 Technical Analysis
The Dow Jones 30 is testing the 200 day EMA after that massive sell off during the Wednesday session. And now on Thursday, it looks like we may see a little bit of softness, but I suspect somewhere around 41,300, we have pretty significant support. So, I’m not overly worried about this index. I think a short term pullback probably is healthy through Thursday, maybe even Friday as well, but we have made massive move to the upside that now needs to be worked off.
S&P 500 Technical Analysis
The S&P 500 looks as if it may continue to drop from here. If it does, 5,800 could be a target. That’s an area that’s been important multiple times in the past, but we did just get the so-called golden cross when the 50-day EMA crosses over the 200-day EMA to the upside. All things being equal, this is a market that I think will continue to be very noisy. But I do think that we’re just a little overdone. And this is actually welcome news from the bullish side. You can’t go straight up in the air forever, so keep that in mind. It’s worth looking into perhaps trying to find some value here on the pullback.
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