FOR FRIDAY: (11/9) End of a tense week. Stocks look lower and we should sell rallies on gold and silver, and crude should be done and start a recovery for at least a week.
DEC. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR FRIDAY: (11/9) The market stayed above the key 2792 region to not give us any new clues. We have a bias toward shorts on Friday as the 29/30-day cycle is lower about 90% of the time here. It may be that the market holds up in the morning until 9 am and then turns lower later in the day. Cash closed at 2807. Floor resistance overnight is at 2807.50 with key parabolic support at 2789.50 but a breakdown might only go to 2779.50 so not seeing a big down day. If we’re wrong, key resistance at 2828.50 and 2834 and 2850 into early next week.
CYCLES OVERVIEW: Lower Friday; generally higher into Nov. 12-13.
