The S&P closed the week down .66 % after trading in a 140-point range. Last week turned out to be period of consolidation after the massive move up on the pervious Thurs/Friday. The S&P traded in tight range just above the ema cloud after breaking out above the Nov 1st pivot and coming within 19 point of the 200 sma. The downward trendline may continue to be and upside price magnet. The S&P is short term bullish above the 9 ema and short term bearish below the 55 ema. Below are some points I am considering.
• Price digesting previous week’s massive move up just below key resistance • Price held a level above the 9/21/55 emas • Price came within 19 points of 200 sma • Downward trend line may act as price magnet to upside • Expect short term bullish price action above the 9 ema • Expect short term bearish price action below the 55 ema • Low volume trading week ahead with market closed on Thursday for US Thanksgiving • Retail in focus going into end of year • Historically bullish period for stocks • Longer term trend remains down • Yields & USD have dropped despite hawkish talk from Fed Heads
WEEKLY EVENTS
Monday Nothing notable Tuesday Canadian Retail Sales, Fed’s Mester, George & Bullard speak Wednesday US Initial Jobless Claims,US Durable Goods, US PMI Flash, Univ Mich Sentiment & FOMC Minutes Thursday US Holiday Friday Nothing notable
Above 9/21/55 ema Downward Trend line potential price magnet Historically bullish period Hawkish talk from Fed Heads has not spooked market Potential positive reaction to FOMC minutes VIX back to neutral
BEARISH NOTES
Longer term trend is down Price has already retraced 62%% of previous down move Potential shock event Potential negative reaction to FOMC Minutes No high volume + VIX spike capitulation yet Bear market rally at key resistance zone (618)
Commentaire
Sorry for the lack of updates here. Price action has remained bullish. Controlled p/b into the 9 ema and showing relative strength vs NQ. Broke the short term downward trendline and pushing higher after PMI data. FOMC minutes on tap will be key. 200 SMA within striking distance.
Commentaire
Here is the daily look at the ES. Just a few points away from the 200 sma. Need to watch for a double top in this area or a spike through and then rejections. A move through the 200 sma and a successful retest would be very bullish.
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.