• SP 500 Market Analysis 11-13-15

Technical Outlook:

  • SPX had its strongest sell-off since the summer sell-off ended back in late October by dropping 1.4% yesterday. 
  • The 200-day moving average offered little to no support yesterday as price action sliced right through it. 
  • The Fibonacci retracements suggests a pullback to the 38.2% level at 2023 on SPX
  • Head and shoulders pattern on 30 minute chart of SPX confirmed yesterday. 
  • SPY volume was at average levels and higher than what has been seen the last two days. 
  • T2108 (% of stocks trading above their 40-day moving average) dropped 17% to close at 43% and breaking out of its month long range in dramatic fashion. 
  • VIX spiked out of its range yesterday as well, rallying 14.4% to 18.37.
  • At some point here soon, the market will be due for a dead cat bounce. 
  • Also lost in all the fuss yesterday was the 20-day moving average which had offered some support for SPX the previous two trading sessions. 
  • A rate hike is expected out of December’s Fed meeting. However, I still would not be surprised if the Fed backed out of raising rates yet again. They’ve been doing just that for years now. 


My Trades:

Chart for SPX:

SP 500 Market Analysis 11-13-15

You Might Like

  • analyzing volume in your trade setups.

    Swing Trading Using Volume Analysis

  • The psychology of swing-trading.

    The Psychology of Swing Trading and Winning the Mental Game

  • Building a lasting trading strategy for the long-term.

    Building Your Trading Strategy for Lasting Success