Signals & Trading Plan for Monday 11/11/19

Market context
In the trading plan posted last Thursday night 11/7/19, we wrote about this strategy for short-term traders to employ on Friday: 

• $SPX $NDX SPY QQQ TQQQ may re-test Support1 and try to bounce up from there.  They have a 50% chance of succeeding with the bounce from Support1. If they do rise, they have a 75% chance of getting stuck at Resistance1.  
• If you choose to enter long at Support1, protect with a tight stop and take profit at Resistance1.

Indeed $SPX $NDX SPY QQQ TQQQ came close to Support1 on Friday, and did bounce up from there.   But they did not succeed in rising above Resistance1.

Intermediate-term traders hoping to enter long were rather disappointed that $SPX $NDX SPY QQQ TQQQ didn’t get down to Support2.  And $VIX $VXN dropped rather than rose.  The stock market is seemingly quite bullish right now.

However, a careful look under the hood tells a different story, especially with the latest data from Friday for different market internal indicators.   Let’s take a look.

The rest of this article covers:
Table of support and resistance levels
Projections from market internals
Planning your trades

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