Thursday, November 12, 2015

S&P 500 Pre Market : Market Turning Down Medium Term

(^GSPC, INDEXSP:.INX, NYSE ARCA: SPY, ESZ15.CME, $ES, $SPY); By Chaim Siegel of Elazar Advisors, LLC; Prices Quoted in S&P 500 EMini Dec Contracts

We said two days ago that for the market to continue higher, we're at a juncture technically that, it needs to start move up.  If it moves down, we said we expected a few week follow through.  That appears to be happening.

The jobless numbers of 276000 the last two weeks is slower than the moving average which could worry investors that the economy is a little weaker.

That said, we will see how the market acts and wait for our trade setups before we do anything.

We have strong overhead resistance at 2075, but that is 12 points higher than where we are currently premarket so either way the market decides to go intraday we think there is room for a further move.

We do not have any strong support points today which means a down move will likely give us more opportunities.  Net net there is more downside than upside.

Yesterday we had a profitable early call but nothing set up for us in the way of an actual trade the rest of the day.

We are concerned that the market didn't hold our 2074 point yesterday at the close and could be a warning sign of where markets want to go medium term.

PRICES QUOTED IN THE ES EMINI DEC CONTRACT
#in, #s&p500, #stockmarket, #bestideas, nyse arca:spy
Disclosure: We may be trading S&P ES Dec in both directions at various times in the day
Disclosure: We may implement other price targets than we initially post on this site.
Disclosure: These trades can lose you money and principle especially when using leverage
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