On 11/26/21 there was a global stock sell off on news of a new Coronavirus variant.
However in the US - 11/26/21 was a post holiday shortened session when most if not all
stock fund managers were probably on vacation.
If this is the case, what the stock fund managers do on 11/29/21 could determine the fate of the bull move since March 2020.
November is seasonally the most bullish month for US stock. If the SPX closes November below its November open this counter seasonal action
could imply a new bear market is underway. Please see what happened to the SPX after the November 2007 bearish close.
On 11/26/21 the SPX was below its November 2021 open.
On 11/26/21 the SPX reached almost exactly the .382 retrace of the rally from 10/11/21 to 11/22/21.
Also note the hourly RSI bullish divergence.
If stock fund managers buy on 11/29/21 it opens the door for a new SPX high and could reach the price/time targets of SPX 4860- 4890 major December 2021 peak
that have been illustrated in my recent posts.
A signficant decline on 11/29/21 could make it difficult for the SPX to have a bullish November and implies a bear market
may have begun.
Novemmber 29, 2021 could be the most important day of the year for US stocks.
Mark
However in the US - 11/26/21 was a post holiday shortened session when most if not all
stock fund managers were probably on vacation.
If this is the case, what the stock fund managers do on 11/29/21 could determine the fate of the bull move since March 2020.
November is seasonally the most bullish month for US stock. If the SPX closes November below its November open this counter seasonal action
could imply a new bear market is underway. Please see what happened to the SPX after the November 2007 bearish close.
On 11/26/21 the SPX was below its November 2021 open.
On 11/26/21 the SPX reached almost exactly the .382 retrace of the rally from 10/11/21 to 11/22/21.
Also note the hourly RSI bullish divergence.
If stock fund managers buy on 11/29/21 it opens the door for a new SPX high and could reach the price/time targets of SPX 4860- 4890 major December 2021 peak
that have been illustrated in my recent posts.
A signficant decline on 11/29/21 could make it difficult for the SPX to have a bullish November and implies a bear market
may have begun.
Novemmber 29, 2021 could be the most important day of the year for US stocks.
Mark