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RE: S&P 500: Primary & Alternate Longer Term
SP500 fell on Wednesday, but as the day progressed, we started seeing buyers return. We tried to break out of the consolidation area during the day after the Fed's press conference, but still remains below the breach level. In this case in fact the job numbers were announced on Friday, very likely to progress more than anything else. It seems certain that we are trying to build the momentum to rise, but frankly there is a lot of short-term desire. The 50-day exponential moving average is directly below, so I think it's a matter of time before buyers are back on short-term declines. In this case, if we break below 2600, it will change everything.
The Alternate can often become the primary. Staying nimble as at trader is key and yes, I have no reservations about changing my primary to the Alaternate on the dime!