Interestingly, the S&P500 futures (/ES) this week had a recovery bounce as expected from last week's observation. A strong bounce credited, but watch the volumes drop drastically, possibly due to Thanksgiving today in the USA. Some influence of Black Friday shopping numbers will be reflected next week Monday. However, the last few days had a stall after a large move.
So what now?
Besides Conrad Alvin Lim cutting his hair... Which tends to have a correlation in market drops in recent years... A continuation of this bounce meets the 200MA at 1400. Failing the 200MA test is a major "ice-hole failure" (credit to the late David Elliott).
Just look back at what follows the 200MA failures in history.
I don't even have to see the charts proper to expect the outcome. Am
Just waiting for some other pieces to fall in place.
Watch your step!
22 November 2012