The
SPY
and S&P Index futures are at a key Support Level going into today FOMO Meeting.
November ended with much Fear, Uncertainty, and Doubt (FUD) that the -5% pullback was finally the correction territory everyone has been awaiting since the start of 2021... (also since 2020, also since 2008) Instead, price made a run for the All Time High but fell short. At this point I am watching to see if it was a true failure to break. The best way to know is whether or not price holds this 50% Retracement Level of the December rally.
Should the Support hold I would be watching for the Santa Claus rally to continue. We could still post a new ATH for 2021.
Should the Support break it would be evidence of a failure to make a new All Time High for the month of December and be the Combobreaker for 2021 (every other month in 2021 posted a new ATH). Failures to break All Time Highs are a common bearish pattern.
On a narrative note... now is the time of year for reflection, rebalancing, and tax consideration. Overall it has been a good year for a lot of traders and investors myself included. I am sure everyone to some extent is making moves relative to their yearly performance during this time. If I had to explain a "reason" for this month's price action it would not be the Fed so much as the end of a very bullish year for the stock market.
November ended with much Fear, Uncertainty, and Doubt (FUD) that the -5% pullback was finally the correction territory everyone has been awaiting since the start of 2021... (also since 2020, also since 2008) Instead, price made a run for the All Time High but fell short. At this point I am watching to see if it was a true failure to break. The best way to know is whether or not price holds this 50% Retracement Level of the December rally.
Should the Support hold I would be watching for the Santa Claus rally to continue. We could still post a new ATH for 2021.
Should the Support break it would be evidence of a failure to make a new All Time High for the month of December and be the Combobreaker for 2021 (every other month in 2021 posted a new ATH). Failures to break All Time Highs are a common bearish pattern.
On a narrative note... now is the time of year for reflection, rebalancing, and tax consideration. Overall it has been a good year for a lot of traders and investors myself included. I am sure everyone to some extent is making moves relative to their yearly performance during this time. If I had to explain a "reason" for this month's price action it would not be the Fed so much as the end of a very bullish year for the stock market.
"Be to others the person you needed to meet 10 years ago"
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Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: www.youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade