First Look: 2022-11-30
S&P 500 futures have been soft since the 8:30am numbers this morning which is consistent with the idea of treating the bounce from the low yesterday as fourth wave consolidation and now attempting to push down in wave five of the first impulse down from the low. However, we can easily see some attempt at bouncing or consolidating prior to Powell speaking at 13:30. Shallow retrace levels at 3955.00 to 3959.00 and deep retrace levels at 3967.50 to 3971.50. If at some point bulls push S&P 500 futures up over 3981.50, the door is open to try for 4008.25.