So, with all of that being said, I think you have to consider that the market will continue to be noisy, but it will also work off quite a bit of froth and that could be what needs to happen in order for other longer-term traders to come in and pick up value or at least perceive value in the S&P 500. The 5,650 level is an area that I think will continue to be important as it was the previous resistance, and it should now end up being support. The Technical Indicator BelowThe 50-day EMA sits underneath there but is racing towards that area and I think you have to look at that through the prism of a market that is certainly supported. Longer term I think the S&P 500 could go looking to the 6,000 level but I also recognize that it will take a certain amount of effort to get there. 
In general, this is a market that you need to be cautious about, but I don’t have any interest in shorting it because quite frankly the liquidity measures alone will probably put a little bit of a bid into the S&P 500 going forward. Because of this, I have no interest in trying to fight the overall bullish trend, despite the resistance.More By This Author:Pairs In Focus – Sunday, Oct. 6GBP/USD Forecast: British Pound Plunges During Surge In GreenbackNASDAQ 100 Monthly Forecast: October 2024
