S&P Decision Time?
The rally I was looking for in US Indices tool place last night.
The question is: did last night’s price action suggest continuation to the PSZ (Primary Sell Zone). Looking at the daily chart, I’d say no. Both volume and range were below normal suggesting that all we saw was a short-covering rally.
The 30-minute provides the key. Acceptance above 2671, basis cash, (the red-line) will be confirmation of a move to the PSZ. The Dec seasonal edge should come into play.
Acceptance below yesterday’s low will suggest that we are unlikely to see the Dec seasonal edge come into play in 2018. If so, we’ll see prices move south for most of Dec.
Key dates in the coming weeks:
- Nov 29 FOMC minutes for Nov meeting
- Dec 7 Non-Farm
- Dec 19 FOMC rate decision
All of the above could easily determine the short-term direction for US Indices.
Source: http://www.tradingsuccess.com/blog/sp-decision-time-6425.html
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