S&P-500 technical preview for November 19, 2014

ES futures made new intraday highs yesterday @ 2.054, breaking out of their 4-day consolidation in the 2.030-2.040 area. The daily trend will remain up as long as the market stays above its September 19 high (2.015 points). Current “overbought” conditions may lead the market down to the 2.000-2.015 level before a continuation (and maybe exhaustion) of the uptrend takes place.

S&P-500 futures, daily chart:

US SPX 500 Futures(Daily)20141119130251

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

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