Commentary

12/1/20 – Midday Signals

The consensus is xFC. The daily chart has blue lines drawn at the bottoms of the various unfilled gaps. Note the two in proximity to the 18 and 54 day moving averages.

A bull case can be made from the weekly chart. Using round numbers, there was a move from 300 in June to 350 in late August. 325 was the pullback low point. That gives this intermediate move a target of 375. 350 -300 = 50. 50 + 325 = 375. On the other hand a move down to the line at 350 from here is a lot of heat – over 15 points, and the bull case to 375 will still be valid.

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