Friday, November 23, 2018

SPX Update: Short Holiday Session

Short session today, so the update will be short as well.

Today is typically a light volume session, and traditionally (though "tradition" means little to buyers and sellers) light volume sessions have an upwards bias because large institutions know that if they sell into a light volume session, the market will tank.

Of course, there's no law that says they can't do exactly that anyway, so we'll see how it goes.

In conclusion, the bounce we expected and saw for last session was enough for a complete upwards correction if that's all the market wanted, but it's still possible for the correction to become more complex (by breaking below 2631 and then bouncing again), so stay nimble here.  Trade safe.

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