ES/SPY Weekly Levels (Nov17-Dec1)

ES is locked near Mid-time frame 786 Fib just above the Aug 16th high. Market has gained 10% + after making a V-bottom on Oct 26/27th. Makes sense for price to trade sideways to down for a bit. Santa rally effect still in play going into the new year but tax loss selling season is also upon us so some early Dec weakness is possible.

SUMMARY

• ES finished the week with a gain of 1.29 % after trading in a range of 58 pts.
  
• ES finished 4th positive week in a row consolidating above the Aug 16th high
  
• Jul 27th high within striking distance, but pullback possible as price is extended and at pivot resistance
  
• First resistance is 886 Fib RT (4618)
  
• First support is Aug 16th high (4505)
  
• If price breaks the 886 Fib a move to 4700 is likely
  
• If price breaks below the Aug 16th high a move to 4400 is likely.
  
• Consumer Confidence data due out Tuesday and PCE data due out Thursday.
  
• Earning season winds down with reports from CRWD, CRM, SNOW, ULTA, DLTR & KR
  
• Black Friday/Cyber Monday sales to offer insight about US consumer.