11am update - minor chop

Mr Market is seeing some minor chop ahead of the holiday later week. It is notable that the R2K has broken a new historic high. Momo stocks are seeing some action with TSLA approaching the 200 day MA, and FB swinging back to the upside, after breaking into the $43s. Metals remain a little weak.


sp'daily5

FB, daily2

Summary

In terms of the sp'..equity bears need to break the daily 10MA..currently 1793. That is viable later today/tomorrow. Downside target zone would remain the 1770s.

*by mid December, the 50 day MA will be offering VERY strong support in the 1770s. I find it difficult to believe the bears can manage anything even moderately significant before next Jan'.
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As for FB, I think some could argue it is just doing a back test of the old floor, before renewed downside later this week. Certainly, price structure is screaming '35s'