In our trading plan prepared for Friday 11/29, we wrote:
In order to bring in more buyers, prices may start dropping Friday and/or Monday, down to at least Support1.
And indeed this is what happened on Friday. $SPX $NDX SPY QQQ TQQQ dropped down and pretty much hit our projected Support1 levels as shown.
The questions now on the minds of most traders are: Is this the end of Surge9? Should we exit longs and enter shorts?
We will drill down into those answers below and provide you with trading plans for short, intermediate and long term.
Table of Support & Resistance Levels
We have updated the S/R table to reflect the latest price actions. These are short-term support and resistance levels that most likely will come into play in the next few days...
The rest of this article covers:
Table of Support & Resistance Levels (more)
Market Internal Indicators
Market Directions: Short, Intermediate and Long Term
Trading with Model Portfolio
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