Futures taking a notable dip this morning, though it has recovered about 2/3's of its losses, as the S&P 500 and Nasdaq had actually limited down during the election coverage last night.
Technical Analysis:
Futures taking a notable dip this morning, though it has recovered about 2/3's of its losses, as the S&P 500 and Nasdaq had actually limited down during the election coverage last night.
With Donald Trump as the President-Elect, I highly expect the Fed to raise rates in December, since Yellen isn't beholden to him like she was to Obama.
SPDRs S&P 500 (SPY) is poised to open in the gap and below the lows of Monday's price action.
Volume on SPY yesterday was on par with yesterday's showing and well above recent averages.
Despite the rally in the S&P 500 (SPX) yesterday, the CBOE Market Volatility Index (VIX)
Expect heightened volatility in the market over the next couple of days.
SPX perfectly tested the 50-day moving average yesterday and was rejected. So in essence, there is strong support at the 200-day and strong resistance at the 50-day moving average. Those are the two price levels to watch.
SPX also poised to break back below the 2120 key support level today.
My Trades:
Added two new short positions yesterday.
Did not close out any positions yesterday.
Will look to add 1-2 new swing-trades to the portfolio today.
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