The Day Ahead: 2022-11-14
S&P 500 75 opened down on Sunday evening but held initial support at 3972.75 with a relatively dull overnight session. Not much on the scheduled economic news front today which probably results in a minor bias up since 3972.75 held this morning. There is minor resistance near the high at 4006.00 not listed on the following chart. Over that, I don’t see anything to get in the way of a tap of 4029.25.
As to form I still think this could qualify as five waves up from October 13th, and since I think that could be a (b) wave type low, any five waves up is a candidate for wave (c). Burden of proof is now on bulls to keep grinding higher in wave possible wave iii.