ES Morning Update November 13th 2020

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Still in a choppy range here this morning. Lots of support with the rising purple trendline and the cris-crossing 20 and 50 day moving averages. If they break then the 200 day moving average and the falling yellow trendline will be support around the 3500 area. Over on the DOW the 29,000 level held yesterday into the close but was pierced intraday. I think that's important for the bulls to keep above as if they lose it the DOW could drop to the 28,000 level, which is a good 100-120 points on the SPX/ES... which is below support.

So you can see how important it is to hold above it. Today I don't see much movement, probably back down some early in the day as more insiders exit the market and then a float back up later in the day. I suspect we'll go up on Monday, at least in the morning. Nothing left to add as the market just continues this range-bound movement until Trump is declared the winner and the Flash Crash happens. Have a wonderful weekend.

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