S&P 500 Week of Nov 29th to Dec 3rd Outlook

Recap of last week

4 trading days, 3 gaps. Most people would assume it is light volume trading thus the market was directionless and choppy. That was not true. Those gaps clearly show the intentions of the market of breaking away from the range of 1170 to 1200. Every attempt failed so far.

Next week outlook

More likely is that 1200 (yellow zone) will not be breached again until after 1140-1150 area (red zone) is tagged first.

A less likely scenario is that yellow zone gets taken out quickly and turning into a support zone. That will produce a powerful rally into year end.

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