S&P 500 has made a very nice retracement recently; in fact for almost the whole November we have seen a pullback of around 5 to 6%, which is quite a lot for the S&P 500, and what is really important is that the market has stopped around the 6500 area, which basically goes back to October 10th when we saw a massive sell-off on that Friday when Trump threatened with new tariffs on China. But afterwards, as you can see, the market recovered and lifted this gap opened at 6505 area, which has been recently retested and filled, so it looks like a very beautiful rebound from that zone with impulsive characteristics, even beyond the diagonal resistance line. This likely confirms that bulls are ready to resume higher into a potential fifth wave. Of course nothing will move in a straight line, so we could expect some retracement, and if that will be the case then there could be opportunities on pullbacks until we reach levels around 6950 or maybe even 7k sometime next month.
Grega
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