The bigger ABC corrective pattern in the S&P 500 and the NASDQ 100 Indexes are playing out pretty much as I discussed in my earlier blog posts. I think we found minor support in the NASDQ 100 futures this afternoon and we should bounce higher for the next day and a bit …
NASDQ 100 Index Futures Contract – 60 Minute Chart
How does the timing look going forward?
NASDQ 100 Index Futures Contract – 120 Minute Chart
The next minor resistance should be found at about 7050 – 7060 in the 8am-10am time window on Wednesday. The next push down should then go to about 6715 at around the 2am-4am next Monday morning.
Then the bounce from there should push to about 6980 in the 12am – 2am window on Nov 23rd … that is on a Friday so the high could be at the end of the day Friday or in the evening hours when futures reopen on the 25th.
The final support low should be around 6270 and be made around the 2am-4am window on Nov 30th … looks like a good old-fashioned puke fest into month end.
December should be a good month to the upside …
Cheers … Leaf_West