On the other hand, if we turn around and take out the highs of the last week or so, then you could have the market going toward the 4600 level above. Adding to the noise and volatility is the fact that we are in the midst of earnings season, so that of course has a certain amount of influence as well. The S&P 500 is only driven by a handful of stocks, so if you are paying attention to the “Magnificent 7”, you essentially know where the market is going to go. This includes Microsoft, Apple, Nvidia, etc.
The previous candlestick was very big, and that does suggest that there is a certain amount of buying pressure, but really at this point in time the fact that we didn’t do anything during this past week suggests just how unlikely we are to continue to have an easy path forward.
For a look at all of today’s economic events, check out our economic calendar.