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Futures showing strength, (currently up 16 handles from yesterday's close) as positive trade rumors swings ES1! up again after big hammer yesterday. The wave trend remains below zero favoring short trades. ES1! has support at 3094-96 and first resistance at 3118. Below 3092 and selling pressure is likely to return.

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Futures seeing weakness after Trump's tweet suggesting trade deal after elections. Yesterday the wave trend crashed below 0 favoring short trades. ES1! has resistance first resistance at 3112-3115 and then at 3125-3127. After yesterday's wide bar range first support at 3097-3100, and if selling is strong, second support at 3080.

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ES1! consolidating again at the upper end of the range. Though the wave trend is above zero it is declining. So quick fire trades are warranted. ES1! above 3148 gets us 3151. ES1! below 3144 gets us 3141.

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ES1! stair stepping up. Tepid opening at hand today, even though markets got good news about trade talks from Chinese phone call last evening. The wave trend is above zero favoring long trades as ES1! stays above 3125-3127 support.

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Inside day yesterday. ES1! is again in a trading range. Pointing to a green open, as of now. The wave trend remains below zero but curling up indicating the short term sell off is losing momentum. The overnight high is 3114.50, the same as yesterday's high. Over this and I expect R2 to come into play at 3125. Support is at 3103.50. It ES1! loses 3101, then...

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Markets conflicted with different news about trade deal between China and US. The wave trend remains below zero favoring bearish trades. Mixed markets and so no morning day trade.

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Morning weakness in the markets today. The wave trend is again slipping below zero again favoring bearish trades. Resistance is at 3121. Bounce level is at 3102

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ES1! Stair stepping to higher highs. The wave trend remains above the zero line encouraging long trades. If a liquidation break occurs then support is as 3120. Below 3118 more weakness can manifest first to 3113, and if selling has strength, then to 3104.

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ES1! selling off before the open and down about 14 points from the high at 3127.25. The wave trend remains above the zero line encouraging long trades. If ES1! trades below 3010, then more selling is possible to 3103.

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Kudlow's positive spin on China's trade deal ramps up ES1! to 3111.50 in overnight session. Though out of consolidation range the upthrust appears to be losing steam as we approach the morning session. The wave trend oscillator has crossed the zero line, but again, not convincingly. The only set up for me is a break of 3097, which can then target 3092, and if...

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Buyers at 3077 zone pushed ES1! toward 3100 again, marking an 8th day of consolidation. The wave trend oscillator is still negative favoring tape weakness. However, ES1! has been consolidating at the highs and till 3077 breaks decisively bears will remain in pain. R2 3111 R1 3103 Pivot 3089 S1 3082 S2 3068 If trading above 3091 at morning open...

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Sellers showed up at 3100 zone. Buyers are at 3077 zone. The wave trend oscillator is now negative favoring tape weakness. However, ES1! has been consolidating for the past 8 days, frustrating both bulls and bears. About a 30 point range. If trading below 3090 at morning open expecting a move to 3082, and if 3077 breaks, then can target 3072. If trading...

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ES1! futures had an inside day (ID) with low volatility. Buyers came in at 3075-3077 zone. The wave trend oscillator is now negative favoring tape weakness. If trading below 3085 after 1st hour then 1st target at 3077 and second target at 3067. Trading above 3087 targets 3095.

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S&P 500/Dec Nov 8: H 3092.50 C 3090.50 L 3072.50 S1 3077.83 S2 3065.17 S3 3057.83 DP 3085.17 R3 3112.50 R2 3105.17 R1 3097.83 Commentary in chart.

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So far an inside bar overnight session. Bears unable to muster any strength. Technically market remains healthy as it stair steps to higher levels, consolidates, and jumps again. Above overnight high (3090.50) may first move to 3093, and then to yesterday's hi (3097). If trades below 3082, then can target low (3076.75) of overnight session.

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Continuation of green close in the upper 10% of yesterday's bar pointed to renewed up move. Bulls and algos stair stepping with resolve. No CCI sell signal. Today's trade optimism news confirming more pain for bears. R2 at 3087 already history. R3 at 3093 can provide resistance from where a 5-6 points liquidation break may occur.

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Consolidating at upper end of range. But bearish close yesterday was constructive for the bears. No CCI sell signal yet.

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Looks the weakest index. Next stop about 23K. If close above 24.5K then call negated.