morning folks! Market is looking at a slightly lower opening. After such a romp yesterday some rest and profit taking is the norm . The key will be follow through if your a bull the one thing you dont want to see is a majority of the gains wiped out. Intraday I’ll be watch very closely to see how the market reacts to dips if buyers step in then we might be able to continue this for the next few days. As of right now on the s&p our nearest support level will be teh 50dma at 1231 any pullbacks to that area we will be watching for bounces. Overhead we have this 200dma that we have had so much trouble breaking that will be our near term target.
European markets are higher in afternoon trading. Britain’s FTSE 100 gained 0.25%, Germany’s DAX added 0.44% and France’s CAC 40 gained 0.36% on the session.
Asian stocks ended the session mixed. China’s Shanghai lost 1.12%, Japan’s Nikkei 225 added 1.48% and Hong Kong’s Hang Seng Index gained 1.86%.