Market Analysis for Dec 8th, 2022

Overnight held support again as sellers failed to breakdown prior day’s low of 3914 and carved out a higher low at 3916. Globex traders had a good opportunity to buy the dip once it recaptured 3930s.

Now, testing into 3950/3960 which is range high of yesterday so traders will be looking to take profits or find a range high shorf. This also means price action has established a base around 3910s over past 24-36 hours and could be trying to expand into higher resistances of 3980/4000.

After RTH open, see if buyers able to get a break and hold above 3960 to confirm this structure. Buyers won the globex fight by defend against the range low.

Conversely, sellers would need to showcase strength by breaking and holding below 3912-3920 support in order to continue towards 3885/3865…etc

The key levels and parameters haven’t changed since prior night’s report:

https://www.elliottwavetrader.net/trading-room/post/8209815