S&P 500 Futures_
Monthly - In the move down from the 2726 short confirmation level. Trade pressures are down into the neutral zone. Volumes closed the month of October as bearish. The next target down is 2603. A close above 2947 would confirm any weekly move up.
Weekly - In the move down from the 2867 short confirmation level. Trade pressures are down but turning up. Volumes are neutral. The next target down is a retest of the 2610 level. A close above 2880 is required to confirm any daily move higher.
Daily - Flat. In the move up from the 2661. Trade pressures are up and extended. Volumes are mixed bullish to neutral.
The 2755 target was reached, had one day of pull back and then experienced a sharp election rally to the prior high of 2824.
The next target up is 2849.
A close below 2737 would signal lower once again.
So, the approaching holidays, the aftermath of the Democratic takeover of the House of Representatives, the tariff promises, and the year-end tax selling; all will produce volatility.
If there is that close below 2737, another pull back to the 2700 level would set up a possible head and shoulders bottom. Failing that, a retest of the lows at the 2606 level is next.
Navellier TOP 5 - Rallied with the market, but gave back the rally gains with the tech sell off. Still ahead about $9000 on the $125,000 virtual portfolio investment.
[The author may have long or short positions in any of the securities mentioned.]