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$SPX market expectation for May 1st 2015

Today we saw a big sell off on Wall Street. Media say it was because of bad economic reports we saw recently from big companies. Who knows what caused this crash, but the reality is that we are now oversold.

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I do not expect much from this market as we again failed to move higher and returned back into the range. Today the market slipped down below 50 day MA and closed there. That means we will see more selling pressure and gates are open downward to 2040 or even to 2025 levels.

However, since we are oversold now, we may see a bounce tomorrow if bulls will have enough strength to step in and push the market higher. I do not expect much from such bounce. It can just be a morning bounce followed by a sell off afternoon. Remember, it is Friday, and Fridays can be vicious.

Tomorrow we will see more.

Happy trading!

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