PRE-MARKET ANALYSIS - S&P 500 SPY ETF. 01-DEC
Time: 14:30pm (SA); 07:30am (USA:NY)
Chart: 1H
Last Close: $455.78
S&P Futures in Pre-Market: 4621
Key Points:
In the pre-market, SPX futures are higher with a print of 4621 meaning that the SPY should likely open higher at around $462. This is around yesterday's support /breakdown level (following Chairman Powell's comments). I have to admit, this is a messy-looking chart with many gaps so the best thing is to adjust in real-time. That being said, the downside gap has been filled, which is also in line with the the prior support seen from 26 - 29 October. You have to monitor if yesterday's early session support zone will be reclaimed or whether that turns to a resistance zone...I'm leaning toward support turning into resistance (~$462-464).
Chart: 1H
Last Close: $455.78
S&P Futures in Pre-Market: 4621
Key Points:
In the pre-market, SPX futures are higher with a print of 4621 meaning that the SPY should likely open higher at around $462. This is around yesterday's support /breakdown level (following Chairman Powell's comments). I have to admit, this is a messy-looking chart with many gaps so the best thing is to adjust in real-time. That being said, the downside gap has been filled, which is also in line with the the prior support seen from 26 - 29 October. You have to monitor if yesterday's early session support zone will be reclaimed or whether that turns to a resistance zone...I'm leaning toward support turning into resistance (~$462-464).
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