Trends in Futures - Commentary for Week 11/17 December S & P
Triple bottom chart formation is support (green line) but is weak because each low was slightly lower than the previos low. New low for the run with a higher close is bullish, but Friday was disappointing. Sideways to bear market continues with the downtrend line (red). Good call last week looking for a possible retest of 837.
Until the auto crisis is resolved the stock market could be under pressure. With the 3rd worst October on record behind us, what’s next? In the worst 2 October months, November had also been big down months.
This market is clearly a trading affair. Take Friday’s action; started near my pivot of 912.00, came down to 867.75, rallied back late in the day to make new highs at 918.00, and collapsed shortly after to make new lows for the day near my support of 861.50 in the last hour. Not a buy and hold market.
On Friday in the daily numbers service my resistance was 600 from the actual high and my support was 125 from the actual low.
The range Thursday was 97.00, amazing! Even during 911 the ATR was around 35 to 45 handles, now it is 62.
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