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Is the Bull Still Alive & Well? Closing Market Wrap 11-7-18

End of day stock market analysis via SPY, QQQ, /ES & /NQ (E-mini futures) highlighting some recent developments as well as some key levels to watch going forward this week.

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I had intended to include coverage of the two charts below. The first chart is a daily chart of /ES (S&P 500 E-mini futures) which closed the regular session at price resistance with the even more significant recently broken 3-yr uptrend line slightly above.

ES daily Nov 7th

ES daily Nov 7th

The next chart shows that this snap-back rally has taken the Nasdaq 100 E-mini futures up for a backtest of the recently broken key 3-yr uptrend line (former support which should now act as resistance when tested from below).

NQ daily Oct 7th

NQ daily Oct 7th

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2018-11-07T17:14:51+00:00Nov 7, 2018 5:14pm|Categories: Equity Market Analysis|Tags: , , , , , |0 Comments

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