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Christopher Lewis
US Stock Indexes

The S&P 500 initially tried to rally during the Globex session, but then pulled back a bit during the day to show signs of weakness. By doing so, the market is likely to see a bit of resiliency by the sellers above, as we are at the top of a larger consolidation rectangle that I have marked on the chart. The 3600 level course is an area that would be very interesting for traders to pay attention to, and I think that it is only a matter of time before we see a bit of a pullback. The key phrase here of course is “a bit of a pullback.” I am not necessarily of the mind that we are suddenly going to collapse, but I think we certainly have enough questions out there as to whether or not the market should go straight up in the air.

S&P 500 Video 11.11.20

The candlestick from the Monday session was a horrific shooting star, so it does suggest that we are probably going to pull back. However, if we break above the top of the candlestick from the trading session on Monday, that would be an extraordinarily positive sign as the market would be breaking through that massive selloff that we had been in during the latter part of the Monday session. The US dollar has been strengthening, and stock markets of course could be in a bit of trouble as people start to price in the idea of less stimulus than originally thought. If that is the case, Wall Street does not know what to do other than to throw a tantrum, because eventually somebody will throw money at them. That has been the game for 12 years, I do not see it changing now.

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