Wednesday, December 9, 2015
S & P 500 Futures right @ 50 dma support (2050.42)
Futures retesting support here this morning @ the 50 dma (red line above). The 150 dma (light blue line) sits right below @ 2049.40.
This is the spot to buy them for a trade if you missed yesterday's test.
Again, this is not a marriage...catch and release.
2062 is the pivot and has been a battlefield.
If we break through 2062 with a little confidence and volume, look to make sales @ 2079.
The market has been trading with crude lately and oil is up this morning.
Just to keep everyone honest, crude could rally and test its 9 dma @ $40.01, which should give a bid to the overall market and get some shorts to cover that have overstayed their welcome: