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Christopher Lewis
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The S&P 500 went back and forth during the course of the trading session on Tuesday due to the fact that the 4200 level above continues offer resistance. Furthermore, traders are paying close attention to what the Federal Reserve will be saying on Wednesday, so the meantime they are not overly pressed to get to exposed to the market. Adding to that, we are in the midst of earnings season so that of course will have a bit of an influence on the market as well.

S&P 500 Video 28.04.21

At this point in time, it is worth noting that the 4100 level has offered a lot of support, just as the 4000 level underneath should be. The 4000 level also features a gap that has yet to be filled, so it should show a certain amount of support if we get there. Further make in the 4000 level interesting is the fact that the 50 day EMA is currently sitting at 4002, so there are plenty of reasons to think that there would be value hunters in that general vicinity.

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However, if we were to clear the 4200 level then it should simply open up the possibility of going towards the 4400 level, an area that is going to be a target based upon the fact that this market does tend to move in 200 point blocks. Regardless, I have no interest in shorting this market, because quite frankly it is far too strong and far too manipulated in order to try to step in front of this market and push lower. Quite frankly, with all of the liquidity measures out there it is only a matter of time before the buyers take over again.

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

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