The_Unwind

Bull REJECTION / S+ P 2753.75 MajorResistance HOLDS LIKE A ROCK

SPCFD:SPX   S&P 500 Index
S+P 500 rallied right up to SIGNIFICANT RESISTANCE
at 2753.75, in an almost TEXTBOOK Chart Retracement Move
only to be QUICKLY + DECISIVELY .. REJECTED,
on a first attempt.

Major Resistance Trend Line 4 Hour Chart @ 2753.75
10/3/18 High of 2939.86
11/8/18 High of 2813.86
Trend Line is Drawn Down Connecting those Highs.

Today's rejection was important
and it is now KNOWN
in the marketplace.

Institutional selling was quick and immediate,
and dropping the SPX 15 points, in the last hour to close at 2737.80

Bears now have clear MAJOR RESISTANCE to SHORT on any rallies up to 2753.75

USE IT WISELY !
SPX LAST 2737.80

THE_UNWIND
11/29/18 445 pm
NEW YORK

Nov 30
Comment: Bullish Breakout on the Close Above Trend Line Resistance
from 10/3/18 High of 2939.86
In After-Hours Trading, S+P Futures are adding to that gain.
Bulls have managed to break out above resistance, to close the month.

The bulls took full advantage of the circumstances of
the Trump meeting with the Chinese Premier this weekend,
thinking that some kind of negotiated trade deal will be announced,
which is obviously a...HUGE GAMBLE, on their part.

If there is no agreement,
S+P may fall substantially on Monday 12/3/18 !

I believe prudence is in order here.
Risk/Reward is a flip of the coin here.
I would suggest a wait and see, till Mon. Dec 3,2018,
to see the markets reaction to the G-20 Summit this weekend.

Sometimes the market gives, and then the market immediately takes away.
As in Buy the Rumor,Sell the Fact

I shall update this further, with my "Weekly Preview " 12/3/18,
sometime this Sunday ,prior to the market open on Monday morning.

THE_UNWIND
11/30/18 445 PM
NEW YORK

Comments

The_Unwind what do you think now that we have broken 2753.75? Short or did we firmly take out resistance?
Reply
The_Unwind barryknabe
Hi Barry,

Thank you for your question.

I have just updated this post.. You should have received my update
You are welcome to get back to me with any questions.

I shall update again, with my Weekly Preview 12/3/18,
on Sunday 12/2/18
Reply
Great analysis, I love reading yours. Probably end the today around 2717.
Reply
The_Unwind NWalton00
@NWalton00,

Gosh. Thank you very much.
Reply
Agreed. Major resistance + lots of uncertainty going into G20 + short timelines 15 min - 2hr showing bearish divergences should equal a nice short at least for tomorrow.
Reply
The_Unwind David_Scott
@David_Scott,

Yes Agreed. But with G20 this weekend, a potential US/China Trade pact agreement is out there possible of some kind.
Be careful not to carry short over the weekend, my own 2 cents.. as good news at G-20 could be a rocket next week for the bulls.

Thanks for your observations, including bearish divergences .
+1 Reply
David_Scott The_Unwind
@The_Unwind, Yes, agreed!
Reply
That level was also a confluence of 50 and 200 daily moving averages closely watched by institutions. A deeper pullback is anticipated but how deep remains to be seen. There are lots of buyers left in agony who missed yesterday’s up move waiting to take their positions to ride through December.
Reply
The_Unwind SviCapital
@SviCapital,

I am going to give you high professional kudos. SviCapital
Your observations are spot on, and the way you write adds a trader sense of knowledge and self assurance.
You are the real deal, and I am grateful to have you here on my site, commenting when you see fit. Please continue.
I am "following" you now on the site, and if/when you start to publish your own articles,
I will be one of the first to read, and respect your opinion.

THE_UNWIND

Reply
SviCapital The_Unwind
@The_Unwind, thanks man!
Reply
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