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ES Morning Update November 15th 2016

Tuesday, November 15, 2016 7:38
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(Before It's News)

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The futures are up slightly this morning, which I guessed would be the more likely scenario.  The falling trendline pointing to around 2170 today is strong resistance currently and is likely the best area to short at for a move down to the 2130 area over the coming day or two.  While there is still support around 2150 I do think it will break soon.  Whether that happens today, afterhours or tomorrow is unknown.  We could drop down to that level today and rally back up to “maybe” 2160 or so by the close and then drop tomorrow?  It’s common to see these triangle patterns drag out for longer then we expect.

On the SPY that 2130 area would be around 214.00 or slightly lower.  The whole area between 213.00 and 214.00 is good support and should stop the move down when it comes.  For today I’d just be looking for a shorting opportunity with the ideal spot being a rally up to the falling trendline pointing to 2170 currently.  I don’t see any good longs at this level, only a short.  However, once we get down into the 2130 zone I’d be looking for a long that will likely make another attempt at the magic 2200 level, but that’s probably something that’s still going to be tough to get and won’t get close until next week.

The MACD’s here on this 60 minute chart are kinda flatlined but on the 6 hour chart they are pointing down from a high around +15 and are around +8 to +10 right now.  I don’t think they will bottom out and turn back up until around the +5 to as low as zero area is hit.

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