S&P Futures: Daily Wrap Up for November 22,2010

Last time I left the readership with the thought that the market is working a minor degree w. developing in either a flat or triangle corrective structure. As long as 1171 holds my view of the wave structure remains intact.

From the two charts that were presented in the week in review, I was anticipating an advance. That advance was achieved in the ON session and terminated just above the .618 retracement (1204.75). In doing so but failing to push higher necessitates a slight labeling change based upon today's price action but it doesn't effect the overall interpretation of structures for minor w.4. Either interpretation is still valid.

Looking at the 60 min. chart, I am anticipating a modest push up tomorrow but I am uncertain as to whether w(b) ? had ended. Don't be surprised if the market makes another push down to test the lower trendline of the triangle. Should price extend well beyond the .786 retracement in tomorrows trade, odds start favoring the flat interpretation.

Here's the Market's position at the close:

Momentum: Weekly is OB and has turned down. Daily is bullish but not OB. 60 min. is bullish.

Pattern: W.c of wave.2. Either a triangle or flat correction for w.4

Time: No analysis made.

Trade Strategy: Remain flat until w.4 wave pattern becomes clearer.

Best of Trading