S&P 500
The S&P 500 fell dramatically during the session on Thursday, as we are testing the 50-day exponential moving average. Because of this, looks like we are going to go looking at the 2400 level, an area that should be massively important. If we break down below there, the market should continue to go lower. The fact that we have sold off so drastically suggests that perhaps the stock market is starting to run into serious trouble, and I believe that we are going to continue to see selling pressure if we can break below 2400. For some time now, we have been talking about potential troubles in the stock market as an industry, perhaps now we are starting to see that play out as GDP looks likely to encourage the Federal Reserve to raise interest rates shortly.
NASDAQ 100
The NASDAQ 100 broke down significantly during the day as well, clearing the bottom of an uptrend line that has been reliable since the beginning of November 2016. It now looks as if we are going to continue to try to grind lower, and I believe that the 5700 level above will be resistance. Technology stocks have looked very weak as of late, and with this being the case I think we will probably go looking for 5500. A breakdown below there would be very negative, and perhaps even a trend change just waiting to happen. I expect a lot of volatility, but the next couple of sessions will be very thin due to the Independence Day coming up on Tuesday in America. Hold on tight, this could get very bumpy. However, if we did turn around and broke above the top of the range for the Thursday session, that would show that the market is still trying to fight to the upside.
