Yesterday was a nasty down day for the stock market. The selling finally stalled at deep monthly support, before settling into flattening action.
Today marks a pivotal event to watch as we begin trading that will close out the week.
We should STILL be watching support action on the S&P 500 and Nasdaq futures while WAITING for price resolution to engage.
The trend remains bearish and traders are timid testing resistance. My suspicion yesterday (particularly if you were in our live trading room) was that we would attempt to bounce. The strength of that bounce has been lackluster so even as I would like us to breach resistance and hold, I am cautious.
Pay close attention to the levels above and below key regions of congestion as they are likely to give us reversal patterns at the first pass. If we move up and away from current congestion levels, we are likely to develop bullish action as the day progresses, else we will remain engaged in bearish motion and shorting action.
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Stock Market Futures Video Update – November 21, 2018
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The author trades stock market futures every day and may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
