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Key Levels Approaching – 29 Nov, 2022

Market Outlook – As the days close in November, the chatter is about whether the rally is over – which seems a bit premature but bear markets are notoriously difficult to maneuver. With Central Banks and decisions into the end of the year, we could have some wild swings. We have scheduled buy backs in the trillion dollar range that have been approved by boards and a notice that EU rules are demanding some accounts leave ETFs not ESG approved- the wash of back and forth motion seems more than likely.

Market Calendar – consumer confidence is ahead this morning. If we are still in the bad news is good news cycle, we could see a bounce

ES_F shows the heatmap right at the current level in a battleground. Scalping is possible in either direction. Please note the levels

The floor of support should easily make for sideways motion

SPY – traders are on the hunt for support

NQ_F

Shaded areas on the chart represent the prior week of motion

QQQ- leaders have become laggards

YM_F

The diamonds continue to hold stronger than the rest of the market

CL_F – began to lift as OPEC+ is deciding to cut production

GC_F -volume has really dried up here – in the other charts as well but particularly here