Price Action on the S&P500 Will we fall from here?

The S&P 500 has had some volatile price action that has had the Doom and Gloomers banging their economic pots and pans crying “this is gonna be the big one”.  Well, let’s take a look at the price action and see what could be in store if we stay with in a standard deviation or two and use technical analysis versus wild opinions and unfounded predictions.

 Price Action on the 50MA is where we are seeing the bulls and bears fight over direction.

Possibilities for the day
Looking for a move to retrace but stay inside yesterdays real price
Do a 50% retracement of the buyer day, reverse and close higher
Stay with in the buyers real price and move higher up during the week
Extend Thursday’s Sell off and move to 1951
Sell off through support and touch 1930

If we stay above the 50MA, watch for the price action to leave us in a hammer with upside potential to 1990 and then a test on the top.

If price breaks below the 50 MA and previous days swing low, then watch for a possibility to move to next support of 1946,  If sellers do take control and there is no bid, we could see a further slide to to 1930.

There is a lot of tension in the world which could put pressure on these markets to sell further, if we see an escalation of ISIS or ISIL out side of Syria then we would look for a further slide.  Hong Kong is also putting some overnight pressure on the markets as there are Pro Democracy movements that could trigger the Chinese Government to label them as breaking the law.  It is doubtful we will see anything like Tainamen square but there could be some backlash.

Interesting how Ukraine has moved off the screen.