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S&P Weekly Analysis Nov. 16-20

On the hourly chart the trendline is still rising.  We managed to reach former highs last week, but could not sustain the momentum to stay above that level.  We do have some solid levels in the upcoming week which will give good indication of where this market is going if those levels are moved through.

On the upside we have resistance from 1100-1105.  We have seen multiple failures in this region.  Obviously we need to get through this area if the market is going to head higher.  A break above 1107 would indicate strength and that we are heading for another swing higher.   The target for the move is 1118 followed by 1130 if the former level is exceeded.

We have support at 1085.  A sustained break below that indicates a move to test 1072.  This is the profit target based off the last swing high-swing low, substracted from the low. This is also where the gap up on Monday occured.  If that level holds expect a move back higher, but if that gap is filled and we hit 1070 it is a bearish sign and prices overall are likely to head south.  Support is likely at 1065 and then 1060.  Breaks of those indicates a further move to 1052.

CFD Trading Analysis by CFDsPros - Written by Cory Mitchell, CMT