Happy Black Friday. The OPEC decision to leave oil output unchanged yesterday is having its reverberations throughout world markets this morning. For the S&P 500, the near term direct impact will likely be a drag, given the heavy energy weighting in the index.
The remainder of the S&P sectors have remained surprisingly resilient. As a result, the overall index has maintained movement in the direction of the near term trend originating from the early November inflection point.
Looking at the 10 minute chart above, we can see two significant resistance levels overhead still loom large in the 2082-2083 range. Below, support levels currently fall around 2069 initially, and further below at 2053. Trading today during the shortened holiday session will be thin, and any major breaks from trend will still be subject to confirmation once normal volume returns next week.
This will be a shorter post today, but we’ll be back next week with a more in depth preview of the coming trading week.