The S&P 500 has shown itself to be a bit sluggish around the 3500 level, an area that should attract a lot of attention due to the fact that it is a large, round, psychologically significant figure. That being said, it is worth noting that the market is going to continue to be noisy in general and of course we are a little bit overdone. After all, this market has shot 100 points straight up in the air basically, without the slightest hint of a pullback. We do have the jobs number coming out on Friday that will greatly influence the market, so that is most certainly something that we should be paying attention to as it will probably have a lot of profit taking going into it.
To the downside, I believe that the 3400 level should be massive support, as it was massive resistance previously. I think it is only a matter of time until we get an opportunity to take advantage of what has been a massive uptrend and an area that should be massively supportive. Ultimately, I like the idea of buying dips, but I will base it on a daily close as a not necessarily intraday candles. After all, we have a high possibility of volatility at this point and therefore we need to pay attention to pullbacks as potential buying opportunities, but we also need to be very cautious about one would jump in. I am bullish, but I recognize that we are probably a bit overdone. #S&P500##StockMarket#
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