Sunday, November 30, 2014

S&P Futures Update for Dec 1, 2014

Refer to last week's post for the weekly and monthly charts. Both time frames show a breakout above 2014.50 - 2016.75  - which should act as support on first test. The daily chart below shows a 5 day Balance. As I write this post the market is breaking to the downside. The 2 important references below are the low from 11/21/14 at 2054.75 and the Gap. Acceptance below 2054 puts us back into the lower balance and targets the 2036.50 at first and then the balance area lows at 2019-20. This break below the upper balance turns the weekly from 1-timeframing to the upside - the first sign of change.

 

The profiles below show the 5 day balance. My focus for Monday is the GAP and the prominent POC at 2050. Acceptance below 2050 targets the single prints at 2044.25 and below that 2035-36 area which should act as support on first test.