Awaiting Short-Term Low Within Days
Market internals continue to look bearish.
Options data was on the bullish side Friday, but was quite bearish when looking over the whole week. Price action is bearish short term, bearish medium term and bullish long term. My read on the market is that we are nearing some kind of low within the next few days. On price, somewhere in the 3150/3050 area in the Emini S&P 500 (ES) can form at least a short-term low for this downtrend.
Our Composite signal continues on sell. The Odds signal is staying in cash. However, I expect Odds to move to a buy within the next few days. And when this happens, we will begin a fresh long position for a move higher into December.
As for the gray zones and pivots, grey zone resistance is at 3328-40 and then at 3400-10. Support is at 3260-48, 3229-16, 3198-80 and then in the 3150 area.
For Monday, daily pivot is at 3266.5. Resistance R1 is at 3308 and R2 at 3338. Support S1 is at 3237 and S2 at 3195.
All the best to your trading week ahead.