S&P 500 futures spiked up this morning to just short of the 4585.25 and fell swiftly to test the Globex hourly 20 EMA and started a bounce to back up in the middle of the range. I think that is about it as people begin to trickle out for the holiday.
I’ve had a question, is the high in? Probably too early to say that as seasonality is pretty positive. Maybe we see one next week. We have been having a discussion in the intraday chat about if this move can continue into December to which I’m not sure. I think this advance from the late October low has been front loaded, and thus I’m not looking for big gains going forward. That said, that doesn’t mean a sharp drop, but could get range bound.
Crude fell through 76.90 today to get the [B] wave started and bounced back hard after setting a higher low. I’m assuming a rise in [C] of ii has started and should allow for a rise into next week.
Looking at bonds, I’d like a retrace to kick in so as to form a higher low early in December.
Some early signs that Euro could be turning down but need under 1.0853 to feel good about a reversal.
A programing note. Will be out for Thanksgiving tomorrow and Friday so no posts till Sunday evening. Hope those of you in the US have a happy Thanksgiving.