SPX500 Index Has Bounce From 50 Day EMA - StockMarket stockstowatch StocksToBuy
In the meantime, it looks as if this pullback will end up offering a little bit of value, and therefore I think that there are plenty of people out there willing to jump in. In fact, I think that is what Thursday was about in general. The reason I say this is that even though interest rates did rise during the day, the reality is that stock stated as well, after the initial selloff.
The S&P 500 should of course continue the longer-term momentum, which is most certainly to the upside. Underneath, I see the 4600 level as supportive, and most certainly I see the 4500 level as massive support. In fact, that is a bit of a “double bottom” and therefore I think what we see right now is that level as a major “floor in the market.
If we break down from here, it is not until we break down below the 4500 level that I would be a buyer of puts. Otherwise, it is more than likely going to end up being a buying opportunity
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