S&P-500 Outlook For November 17, 2014

ES futures consolidated at record levels in the 2.030-2.040 area for a fourth consecutive day on Friday. The market needs to stay above the September 19 high (2.015 points) in order to keep the daily trend up, as it is trying to work off “overbought” conditions. A correction down to this level, maybe even down to 2.000, would be constructive for the continuation of the uptrend, up to 2.100 by the end of the year.

SP-500 futures, daily chart:

US SPX 500 Futures(Daily)20141115120908

Chart courtesy of Investing.com. http://investing.com

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