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Signals & Trading Plan for Friday 12/13/19

12/12/2019

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Market Context
Yesterday we wrote:
Yes, Surge10 is starting.  But Resistance1 looms immediately and it’s pretty strong.  $SPX $NDX $RUT will have to prove that they have the bullish strength to rise above it.  

This morning $SPX $NDX $RUT proved that they had plenty of bullish strength to surpass the previous Resistance1 by a large amount.   Of course it does not hurt that stocks were helped along by a certain tweet designed to spike the market and deflect the glare of impeachment.  

Whether or not we can believe that “it’s a real deal” is besides the point.   Algos trading on headlines eat up stuff like this.   And you knew since yesterday that under the hood, market was turning bullish.  $VIX $VXN were forming a top, indicating that Surge10 is starting.   So we had all the elements in place for a very bullish morning.

Tonight, after hours futures gapped up at open and stayed up.  So the odds are high that we will see a gap up at open tomorrow Friday morning.  The questions now are:  (1) are we setting up for a dip in Surge10?  (2) If so, how big?

We will explain the answers to these questions below.

The full article covers:
Support & Resistance Levels
Market Internal Indicators
Market Projections
Planning Your Trades

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