There was a positive bias in Thursday's trade coming off a weak start to December for the stock market. The S&P 500 closed in the red eight out of the last nine sessions and has logged five straight losses to begin December. According to Bloomberg, that is the worst start to a month for the S&P 500 since 2011.As I mentioned yesterday, "the market is trying to select a direction" and I will likely follow the trend before FED judgements come out.
In today's pre-market trading all US indexes are moving upwards. If the core PPI turns out not that bad, its likely the market will keep moving up, however, 4050 level might be challegning as I marked in red dotted line as slipping resistance. And I am expecting the market will double test that area and be poised for level 4100.
On 15 mins chart, its very interesting that 8&21 EMAs from daily kinda become short resistance on 15 mins (3970ish & 4000ish). However, the market close was not bad and still held up 3950ish 15 mins support. Therefore, for today, after the market filled the open gap, and held somewhere 3950, it might be a very entry point.
Talk about set ups, I will pay a lot of attention on
AMZN
, I will also watch stock like
TSLA
, and
LLY
I already post my idea on TV as: AMZN: might be your last chance to catch a bottom like this
Please feel free to express your ideas and thoughts in the comment section.