The S&P 500 has initially tried to rally during the trading session on Thursday, as we had trying to form a rally on Wednesday. However, we turned around and broke down below the shooting star that had formed for the Wednesday session, sending the market back towards the bottom of the range that we have been in over the last 3 days. I suspect that the 2600 level is very important, and at this point I think if we can stay above there, were more than likely going to see some type of consolidation. However, if we break down below that level, it’s likely that we go down to the 2500 level underneath, which is much more structurally important from the longer-term charts. I expect volatility regardless, and at this point I would be very cautious about jumping into the market.
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S&P 500 and NASDAQ 100 Forecast February 9, 2018