The S&P 500 broke its key trendline support earlier this month but dip buyers held off declines at the 5,500 level as seen last week. That will be a key downside level in focus should the selling return this week.
That being said, this is a day and age in which market players can easily switch from fear to greed. Bad news can be so quickly ingested and then forgotten already in just a few days or less. Dip buyers are surely already waiting to pounce on any given opportunity despite this being a less than 10% shave off the top.
But as we continue to pass through this moment, US data is going to be key in holding up the overall market mood. This week itself won't see much with only the weekly jobless claims on the agenda. So, all eyes will be on the Fed before switching towards month-end and quarter-end flows next week.
This article was written by Justin Low at www.forexlive.com. Read More Details
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