FOR FRIDAY: (11/11) Happy Veteran’s Day! Only the bond market is affected but the Fed. Reserve is on holiday so everything is delayed clearing. We often see congestion setting in on Friday before a weekend break and profit-taking setting in. Bonds are due for short-covering and also crude could. Dollar and euro are quieter on Friday. Super Moon and the closest moon to the earth since 1948 may create more big surges come Monday. Still, the world and most of us are ready for a rest from a very long week. Honor our beloved military by donating to some of their favorite charities and hopefully Trump will fulfill his promises to them as they have been victimized by lack of care from Veteran’s hospitals.
S&P ANALYSIS FOR FRIDAY: (11/11) Our swing trade this morning at 2164 was stopped out. You may have been able to scramble at better levels. We had wanted a 30-35 point pullback and we‘ve gotten that but much under 2145 would suggest a move to 2124. Patterns suggest that 5 waves up would go to 2220 on the big scheme of things into next week. We had suggested if stopped to consider buying 2150 but we didn’t have orders in. We were spooked by the flash crash in NASDAQ and it retraced 62% of its move. Support overnight is at 2157 and 2154. Resistance is key at 2192 and 2200. Small chance of a C-wave lower to 2145 and we can’t rule out and be concerned about the dump in NQ, which was almost a flash crash.
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