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Friday, November 13, 2020

$SPX - Levels of Support and Resistance

SPX was rejected at the upper fork resistance. SPX is finding some support at the white. SPX may muddle through November and some optimisim into Thanksgiving. Daily

19 comments:

  1. SPX dropped off resistance but it will probably hang in there okay for November.

    It has momentum going for it.

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  2. Thank you SC, simple and clear. Break back down into the triangle would be bearish for SPX. 3501 on ES futures is important level, break of it can cause fast move down.

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    Replies
    1. Thanks! SPX see some bounces and slide down the white

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  3. December is looking bearish.

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    1. Corona cases spiking this month which means deaths spike next month.

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  4. Carnival having a particular bullish month on strong volume

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    1. The cruise ban expired at the end of October.

      Then CCL gapped up huge at the time the Biden win and his Covid team coupled with Pfizer vaccine.

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    2. Fortunately we were still able to acquire a CCL position for a good price when the company sold $1.5 billion of shares at market and Covid scare yesterday.

      Then with hurricane Eta striking Florida yesterday.

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    3. CCL close the month strong $18 to $19.

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  5. SC, what is your expectation on uvxy from now until the end of the month? You mentioned December could be bearish.

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    Replies
    1. UVXY is holding well. I think pop next week. Maybe $16 or $17.

      But also I think it can see a lower low around Thanksgiving.

      Looking to accumulate for December. Let's see how it looks later in the month.

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    2. I’m holding on to some uvxy. I have some ammo to avg down, but being patient. I also have some sqqq, this is holding up pretty good so far.

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  6. Carnival my best idea for November.

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  7. VIX is stronger than anticipated. Looking like it may hold this orange low, and I am doubting it will fill gap on this low. Rise to 45 next. Weekly chart shows strength. VIX can run for 8 weeks.

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    Replies
    1. Are you waiting for a confirmed up trend in uvxy before buying more? I bought some more at 12.83

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    2. Still waiting for later in the month, around Thanksgiving. It's close though I think.

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