I gave my E-Mini S&P analysis for short to midterm, and on the chart I marked out two red resistance zones. The first zone sits between 3677 and 3687, and the second is between 3748 and 3787. We are currently hanging out at the first zone.
As you can see on this lower time frame, the E-mini has been bouncing in and out of that first zone. It has also been making higher lows after each rejection, forming a rising triangle type pattern.
I think it will eventually break out of this zone, maybe come back to retest, then move on to the upper zone I had marked out in the previous article. This chart:
But there is some uncertainty at the moment with stimulus, and of course this morning ‘Non Farm Payroll’ saw a pretty big loss compared to projections. If interested, check the numbers out here: November Jobs Report Disappoints Amid Record Covid Surge; Unemployment Rate Falls to 6.7%
For now, I am trusting my chart and thinking we push on at some point. However, like I always say, ANYTHING is possible. There is still uncertainty and the virus to deal with. This can, and has in the past, brought a lot of volatility to the market.
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