Today's newsletter provides a comprehensive look at the current market situation, emphasizing the S&P 500 Futures and the essential strategies for upcoming trading sessions.
📈 The Markets Overnight
Asia: Mixed
Europe: Down a bit
US Index Futures: Down slightly
Crude Oil: Up a bit
Dollar: Down slightly
Yields: Up slightly
Crypto: Up slightly
🌏 Major Global Catalysts
Saudi Arabia is actively seeking allies for a production cut before the OPEC+ meeting scheduled for Thursday.
🔍 Key Structures
A significant breakout from a 4-month downtrend channel occurred on November 14th, influenced by CPI data. This bullish setup has sustained its momentum, with minor sell-offs being quickly absorbed. The S&P 500 Futures are currently consolidating under 4580, hinting at a potential upcoming move.
📉 Support Levels
4536-42: Crucial zone, acting as a major support. 4507: Notable support from mid-November. 4491-95: Key level from September's downturn. 4445, 4436-32: Secondary support zones. 4385: Represents the lower bound of a potential pullback.
Remain alert for support levels, especially around 4555 and 4535, to hold for continuing the bullish trend. Key resistances at 4580 and above may offer opportunities for adding strength. Watch for breakdowns below 4535 as a sign of a potential trend reversal.
💡 Wrap Up
The current market condition is a blend of strong bullish trends and consolidation phases. It's vital to stay aware of major support and resistance levels and adapt strategies accordingly. The market remains in a delicate balance, with potential for both continuation and reversal of the current trend.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision.
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