This week should be a choppy one as a small pullback is likely before we go up again even higher. I'm not expecting a lot, and while it's possible that we pullback to the 583 FP on the SPY I also have to be open to the that being just a "late fill" and NOT a real fake print... meaning we won't hit it.
If I just look at support areas and Fibonacci levels I see two targets that are quite a bit higher then the 583 SPY level (which is about 5870-80 ES). Those prices are 5965.87, which is the 23.6% level, and 5919.69, the 38.2% level. If we make it to 50% we'd be at 5882.37, and that's roughly equal to the (possible) FP on the SPY of 583... which again, might just be a "late fill" and therefore not something I should NOT trust or expect to get hit.
My gut tells me that it's not real and just a late fill. It makes me think we will only pullback to the 23.6% or 38.2% level, and then start back up again. Dip early in the week and back up late in the week seems the most likely path for the market in my opinion, but of course that's just a guess.
The end of this month the volume will really dry up as we go into Thanksgiving, and there's not any more "events" in the next couple of weeks to scare the market as the election is now passed by and the FOMC meeting too. We have the CPI number this coming Wednesday the 13th, which is about all I can see to move the market, but if we pullback in front it I'd say we'll continue the rally up afterwards.
My point is that I don't see anything to stop the bulls from continuing higher into the end of this month or early December. Once the pullback is over we'll likely continue higher with even fewer pullbacks for long entrys.
We could see the FET at 6435 into early December, or maybe even right into the end of November? I don't know the time it's going to hit but everything I see does suggest there's not going to be anything serious on the downside until this blow off top is hit.
Have a blessed day.
