FOR TUESDAY: (11/15) Lots of Fed Speak this week and then waiting for Janet to speak on Thursday is always a congestive delight. Market has a lot to digest after so much activity the last week and we probably should be patient with some markets.
S&P ANALYSIS FOR TUESDAY: (11/15) The relatively inside day didn’t change much of what we first saw in the morning. Cash patterns would look more complete at 2154 and move futures to 2149-50. The lower support area is down to 2142 and 2140 and could come in. Cycles are still optimistic and speculative this week so an eventual breakout to 2220 is more likely to happen than a breakdown to 2131 close to the 20-day ma. Cycles are pretty optimistic on Tuesday and we have to hope for a break overnight if we have any chance of getting in.
NEAR TERM: In the end upward pattern completions need to 2220 but will take as long as Dec. 1-2. We’re concerned about rioting in the US and not thinking it will go away but will the world and Wall Street ignore it. A break of 2139 could lead to 2124. We think cycles remain positive into at least Tuesday before profit-taking may set in again. We can’t get too beared up after a 150-point move and hopes for a new world. NQ patterns are more disturbing and we have to get a handle on them.
