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Fight Over 50 Day Moving Average

The market was around breakeven early Thursday after an inline Jobless Claims report and mixed earnings announcements. Unfortunately, at 10am ET we got soft readings from both the Philly Fed and Leading Indicators. Quickly the market broke through 1550 and plummeted to the next area of support at 1541 (50 day moving average).

We wrestled over the 50 day for most of the session ending the day right at the mark. So this is the new battleground to fight over.

At this stage we have enough information to grade earnings season. Given a combination of the lack of negative pre-announcements + early reports = Grade of B.

Generally that's good news for stocks. However, when the market is sitting at all-time highs, then B isn't going to cut it... especially not good enough in conjunction with a recent slate of softer than expected economic reports in the air.

This same atmosphere was all investors needed the past 3 April's to embark on a correction. Likely that is the case here again. Look for spots to buy back in around 1500.

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