SPX ES SPY Setups for 11/29
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Last night I posted that we were on watch for an outside day and indeed we got it today. I included a video link (free) in last night’s post in case you are not familiar with how I have predicted an outside day now 4 or 5 times this year.
As mentioned the last two nights we were monitoring last Wednesday’s excess as a primary indication (or dismissal) of potential buyer exhaustion. While sellers accomplished absolutely nothing AGAIN today, buyers still failed to clear the excess in spite of a massive squeeze.
The most important economic data of the week comes out in the next two days, GDP (tomorrow) and PCE and jobless claims (Thursday). I am actually personally interested in corporate profits tomorrow and will elaborate tomorrow, but I don’t expect the market to react to it much.
It is likely that we finally break this abhorrent range in the next two days. We will be prepared for a break in either direction, as always. How are we feeling about the weekly pivot of 4553-4554.75 so far? I personally don’t ever want to see it again.😂