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