XIV - Short Term Outlook

XIV cooled off from the double orange and blue resistance, and currently is building support.  XIV is likely to rise into month-end.

Notice the cluster of lines up above at the month-end green target area.  

60min Chart

$SPX - Major Support Level Identified

The strength of the SPX rally from October has been extremely impressive.  SPX has not yet even reached the 50% retracement level on this dip. 

SPX was trading around the minor support on Friday, and should see a bounce.  Major orange support rests below, and could be tested prior to the next bull market run to new all-time highs.

2hour Chart

XIV closed below the pink support on Friday.  The pink line may act as resistance for the short term.  The major turquoise support rests below.  

2hour Chart

 

XIV - Support and Resistance Levels

XIV failed exactly at the double fork resistance and plunged to test support. 

Orange support was tested yesterday and has resulted in a bounce.  However, now XIV is approaching the pink resistance.   

Price could undercut the orange support somewhat, and the pink support is also located underneath.  A melt-up is likely to result later in the month.

60min Chart

$SPX - Christmas Rally Targets

SPX has little room for downside with fork support just below current levels.  A Christmas rally is likely to materialize with a high due end of December.

January Cycles looks weak.

60min Chart

XIV - December Targets

XIV is poised to head higher in December.  XIV is likely to grind up through December with a high projected due December 30th.

December looks mildly positive for the markets.  January looks weaker. 

60min Chart