at 2753.75, in an almost TEXTBOOK Chart Retracement Move
only to be QUICKLY + DECISIVELY .. REJECTED,
on a first attempt.
Major Resistance 4 Hour Chart @ 2753.75
10/3/18 High of 2939.86
11/8/18 High of 2813.86
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
11/29/18 445 pm
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.
11/30/18 445 PM
Gosh. Thank you very much.
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 .
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.