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Bullish December outlook. less then 20 days remain.

overall market outlook, gap analysis, trade expectations

This market looks strong. Since the 11/16 low we put in 2 weeks ago we have done nothing but push higher and then flag out with the exception of maybe 11/28 which saw a spark of more intense selling but even that was met with a full recovery by the bulls into the close. We are seeing similar action in individual stocks, and some that have been barely even seen had sideways consolidation along the way.


Nice little gap up into the open above the last several day resistance at 142.51. Would expect sellers to test that level on the open, below there we have some minor support at 142 and then the 141.6 slot.

30-Minute key SPY levels
  • $SPY support at 141.6. bottom end of the last several day trading range.
  • $SPY resistance at 143.6. double top breakdown area before the election, also bottom end of september/octobers trading range.
Watchlist
  • $GOOG – looking for opportunities to get long. My favorite long of the bunch right now. That 580 zone was the bear of a level to get through. This one looks good. Definitely in play to the long side, looking to buy dips.
  • $AAPL – looking for opportunities to get long. This stock has been in a nice base all of last week roughly between 580 and 590, exhibiting very bullish behavior after digesting its recent gains. There is a nauseating amount of supply when looking up and left however price is truth and without more than 2 consecutive days of selling it is tough to be a bear at this point. Price needs to show that it can trade above 590 to continue its upward climb. I will be looking at closer to 585 as a spot to possibly initiate longs or dip buying above 590.
  • $PCLN – looking for opportunities to get long. Another good long candidate right now. Spent the last 2 days flagging. Anywhere near 660 and I will be looking to get long, otherwise I will look for 670 to be broken for some new momo to enter this name.

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