Serj Panchuk
Stock exchange news, S&P 500. Market overview and current week forecast (Monday, November 28), issued by MF Academy Department of Trading System.
The market decline that started two weeks ago continued during the previous one. The price of S&P500 future has dropped beyond the resistance of the 50-day average and the ascending channel, and this decline, unlike several large-scale declines during this year, is characterized by low volume:
Judging from falling daily volatility, it can be concluded that market stimulation is starting, as well as technical market movements.
Delta-cluster charts clearly show that large-scale sales were formed at the beginning of the previous week and were followed by a planned downswing.
Market profile and volumes during the previous weeks (1185.00-11250.00) indicate the downswing, which may still continue.
Sales are favoured below the last week’s volume of 1185.00, and mid-term buying – over the volume during the week before last, namely, 11250.00.
One can work in between these levels by trading within its end points.
According to the results of the week, all market sectors have shown considerable decline, with raw material (oil and natural gas companies) and high-technology sectors having dropped the most.
Major economic releases for the current week:
On the one hand, market has dropped in order to start investment buying. On the other hand, the decline may continue due to low volume and open interest of the market. In general, at present a lot depends on how things go in Europe.
Serj Panchuk
