Friday, November 27, 2020

SPX Update: Short Session

Today is an abbreviated session that is, historically, "usually a bullish day" -- the reason for this is because it's typically a light volume session, and big players avoid selling heavily into light volume sessions because their own selling can move the market too much against them.  That said, I've seen plenty of sessions that perform counter to their historic tendencies, so I never automatically assume the market will perform as it "usually" does on a given day.

Chart-wise, not much happened on Wednesday, with SPX holding below the 3646 zone, then falling back toward the pink breakout line, but not quite tagging that line before staging a small bounce.

In conclusion, both intermediate options remain on the table, with nothing having happened in the past few weeks (it's still inside the trading range that began on November 9) to rule either option out.  Trade safe.

No comments:

Post a Comment