Nonetheless, it does look like buyers jump in to protect, and I think we are going higher overall. The next couple of days, of course, could be fairly quiet, but as we head into the new year, I fully anticipate that this market will attack the 49,000 level. Any short-term pullback at this point will more likely than not have to deal with the 50-day EMA; the 47,000 level underneath there is massive support from what I can see.
S&P 500 Technical Analysis
The S&P 500 is also quiet, and again, I think that is something that you would expect. So with this being the case, I think you have a situation where the 6,800 level is going to be support right along with the 50-day EMA. The 50-day EMA is a bit of a trendline, and I think we have got a situation where if we get anywhere near there, the buyers will jump back in and pick this up. But again, as I said, with Christmas being Thursday and Friday essentially being a holiday as well, I do not think that we have big movement ahead. We might get a little bit of a move over the next day or so, but I would not look for anything explosive. Longer term, this is still a very bullish market, and that does not change. So with that, I think the S&P 500 challenges 7,000 probably early next year.
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