The S&P 500 rallied a bit during the trading session on Wednesday, reaching towards the major resistance barrier that was previous support hovering around the 2600 level. I think at this point, it’s likely that there is going to be a lot of difficulty to get above there, especially if we don’t get good news out of the United States/China trade talks. The 50 day EMA above of course is going to offer resistance, which is just above the resistance I was talking about. Signs of exhaustion could be selling opportunities, but if we can close above the 50 day EMA, then it would be an extraordinarily bullish sign and could send this market higher. I think at this point it’s all going to come down to the talks and China.
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SP 500 and NASDAQ 100 Forecast January 9, 2019