ES is locked near Mid-time frame 786 Fib just above the Aug 16th high. Market has gained 10% + after making a V-bottom on Oct 26/27th. Makes sense for price to trade sideways to down for a bit. Santa rally effect still in play going into the new year but tax loss selling season is also upon us so some early Dec weakness is possible.
SUMMARY
SUMMARY
- ES finished the week with a gain of 1.29 % after trading in a range of 58 pts.
- ES finished 4th positive week in a row consolidating above the Aug 16th high
- Jul 27th high within striking distance, but pullback possible as price is extended and at pivot resistance
- First resistance is 886 Fib RT (4618)
- First support is Aug 16th high (4505)
- If price breaks the 886 Fib a move to 4700 is likely
- If price breaks below the Aug 16th high a move to 4400 is likely.
- Consumer Confidence data due out Tuesday and PCE data due out Thursday.
- Earning season winds down with reports from CRWD, CRM, SNOW, ULTA, DLTR & KR
- Black Friday/Cyber Monday sales to offer insight about US consumer.
