At this point in time, the market is likely to continue to be very noisy as we head towards the jobs figure on Friday, which has a major influence on what happens next. The market is simply drifting sideways which is also possibly a bit of a reaction to the fact that people are still trying to figure out whether or not the new attitude for the year will be risk on or not.
You can make an argument for a huge “W pattern” that recently broke out, which is a very bullish sign. Regardless, this is a market that has been extraordinarily bullish for quite some time, and I just do not see that changing anytime soon. The 50 day EMA currently sits at the 4651 level and is curling higher, as if it is going to try to chase the markets overall.As soon as we get that, the market almost certainly will take off to the upside.
for no other reason than it is one of the few ways to actually make money. Pullbacks at this point should continue to attract plenty of value hunters.
Source: Entertainment Trends (entertainmenttrends.net)
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