Emini Podcast / The Daily Futures 11/22/11
November 22, 2011 at 3:02 PM (QQQQ)(DIA)(SPY)(GLD)(SLV)
Pre-holiday trade remains range bound. If tonight's chart looks a lot like last night's chart - Good eyes! The market caught a slight bump today on the IMF news, however there just wasn't enough heat to cook the bird. If you know what I mean...
The low of the week has been tested 4 times on the hourly chart. The Weekly Trading Zone 1196/1197 has been tested roughly 20 times on the same chart. If we break down on Globex tonight look for possible support at 1175/1176. Before we can embrace the idea of a Thanksgiving Rally we have to see price trade above the obvious wall of resistance and as our friend Mike Reed would say - "Hold on a pullback".
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Since the next swing is up, you need to consider any short positions you currently hold and how long you want to hold them. Do we have one more level below us? Yes we do. Just be ready if, and when, the menu changes.
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