Midday Update: 2023-11-21
A morning drop with a reversal up into FOMC minutes
S&P 500 futures dropped lower this morning than I expected breaking under 4533.50 and 4549.25 which was certainly a negative but notice that ES tested the high from the 17th and recovered. That area is the limit for a low degree fourth. As much as I hate it, it is probably best to allow for another move up to test or beat the high from yesterday. Bulls need to recover 4549.50 and grind over 4561.25 for a green light for higher late this afternoon.
Crude is holding 76.90 so I have to allow for a press up to test 79.10 or 80.05.
Do you also see small caps 5 waves down and ABC up lately, meaning big 3 lower next?
Let's hope for 4575 and start of nasty 3 down on Spx this rally went up like a real bull Trap