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Christopher Lewis
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US Stock Indexes

The S&P 500 has rallied a bit during the course of the trading session on Thursday to reach an all-time high yet again. That being said, the market is likely to continue to see a lot of bullish pressure, as we have gotten past a bit of resistance, and now it is likely that we will continue to go looking towards the 4400 level as the S&P 500 tends to move in 200 point increments. Furthermore, we also have plenty of support underneath at the uptrend line and the 50 day EMA.

S&P 500 Video 25.06.21

At this juncture, it looks very likely that the market will continue to see buyers, and even if we did break down below the support levels underneath, I think it is only a matter of time before there would be plenty of buyers underneath at the 4000 level due to the large, round, psychological importance of that level and of course the gap that sits there. As long as we are above that level, then there is nothing to do but buy dips. However, if we were to break down below there, then it is likely that we could go looking towards the 200 day EMA or perhaps even lower.

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At that point, I might be a buyer of puts, but I would not short the market in order to protect my account overall. It should be noted that a lot of the momentum is starting to slow down in this market, but at the end of the day we are still very much in an uptrend so you would be foolish to try to fight it, despite the fact that there are quite a few reasons why it should not continue to go higher.

For a look at all of today’s economic events, check out our economic calendar.

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