The SPX500 pulled back in a shortened session on Friday as we continue to see a line of choppy behavior in the face of a serious lack of liquidity.
To the upside, you can see that the 4800 level has been difficult to get above, but the fact that we struggled a bit should not be that big of a deal, considering that we have a serious lack of volume, and most people were not willing to get aggressive in the face of the holidays.
When I look at this chart, I do not see anything that suggests that we are going to break down, but I do recognize that the 4500 level would be crucial to pay attention to. If we were to somehow break down below there then we could have a more serious correction, but that is a long way from here and I think we would have plenty of warnings. Yes, we are already starting to get these dire predictions for 2022 and a major crash that is going to happen, but that happens this time of year every year.
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