The stock market was of course closed during the Wednesday session in observance of the state funeral for George HW Bush. However, the futures market was open early in the day, and stopped right at a major level. As you can see, we had previously had a downtrend line that the market had broken above, but then sliced through during the Tuesday session. In thin trading on Wednesday, we bounced back to that trend line, showing it as resistance. The 50 day EMA is just above the 2750 level, so I do believe that there is a significant amount of resistance overall. I think it’s very likely that we will see sellers jump back into this market on any signs of strength. However, if we do close above the 2750 level on the daily chart, then we could make another push higher. However, I think the biggest thing that’s helping this market is the fact that the underlying is closed.
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S&P 500 and NASDAQ 100 Forecast December 6, 2018