Today’s bounce in the index rallied right into a tight cluster of measured resistance and started to turn back down. It’s too early, however, to know if the move back down is a lasting one.
S&P bounced off of the 200 Weekly SMA to kick off Q4. This week is an interesting one with the NFP report on Friday as well as a few other things that I will touch on in tonight’s market update.
Market has come down to the decision point for the Final Act. In this video I show you the path that I believe is setting up into the end of the year.
In Thursday’s review we spent some time setting up for the quarter end and while the action wasn’t exactly what I described, it was close enough to pull down some cash, and may set the stage for an important reversal next week.
