In today’s briefing:
- SPX 4,150 Sell Used to Short
- Hang Seng Index, Alibaba, and Longfor Group
SPX 4,150 Sell Used to Short
- SPX 4,150 turn target met. Our game plan focused on longs established near SPX 3,940 with an ideal sell zone at 4,150 on a brief spike above 4,100.
- We established shorts at that SPX 4,150 (NDX, RTY, CAC, NKY, HSI). Ladder shorts on strength and use dips to reduce.
- Mid December cycle peak may need some top building work into January where we range before a more prominent down leg.
Hang Seng Index, Alibaba, and Longfor Group
- After the sharp rally comes the pause; almost all constituents and leading indices are forming an inside week or a weekly Doji (small or long body with very little difference in open and close levels) [based on mid-day Thursday].
- These two formations are a typical indication of market indecision.
- However, it is unlikely to be quiet for the rest of December.
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