Market Leader informed
S&P500 futures has terminated its bearish wave.
The “smart money” still indicates bullish sentiments while watching the uptrend. According to the Department of studying Masterofrex-V trading system, in order to make a full-grown retracement the price needs to go for the “Moment of Truth” and form a FZR*. However it should be kept in mind that any retracement can turn into a trend of the same wave level as the retracement wave itself.
The defensive MF Sloping Channel and MF pivot (1184.93) will indicate the end of the bullish movement and probably a trend reversal.
Resistance levels:
1232.58 = 61.8% MN + 188.2% AD1
1287.81 = 111.8% AW1 + 223.6% AD1 + 123.6% а(С)D1
1344,94 = 123.6% W1 + 276.4% AD1 + 161.8% а(С)D1
1368,60 = 76% MN +176.% а(С)D1 + 300.0% AD1
Support levels:
Pivot=1184,93
This week’s important news that can affect the trend dynamics (GMT):
Nov 18th
13:30 US - Jobless claims
15:00 US - Philadelphia Fed Manufacturing Index, Leading Indicators
16:00 US - Federal Reserve Governor Warsh speaks on "The Future of the Financial Markets"
Nov 19th
10:15 US - Federal Reserve Chairman Bernanke speaks at the ECB Central Banking Conference
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FZR = Fractal-Zigzag Reversal
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