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Thursday's session ended with stocks clinging for dear life to the 50 day moving average at 1541. Then on Friday stocks swung back at the naysayers with a nearly 1% jump higher.
Obviously we have a tug of war going on as the market is making big 1-2% moves in each direction. However, pulling back to the bigger picture we have actually been fighting over this same turf since closing at 1541 on March 6th.
What happens next?
We need a fresh catalyst for stocks to break in one direction or the other. That likely will come from upcoming economic reports. That is because investors have already seen enough earnings to know it's solid, but unspectacular. More importantly, earnings are backwards looking. So we need more news that tells us what is going on in the "here and now".
The economic calendar for the week ahead has a myriad of light weight reports which may all blend together to paint a picture of current economic health. Until a clear picture emerges, expect more range bound action.
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