The week started with a retrace. What to wait from now on? Over the past few days, oscillators have signaled an excess short on Wall Street, although there are several reasons to see prices go higher again.
From the low reached in mid-October, the race in prices had been non-stop, and therefore inevitably in similar contexts the markets took a few days to “reflect” before deciding on the next direction.
For this reason, the odds are now in favor of a sideways move down or a retracement of a few percentage points.
Nothing is taken for granted yet, and for these reasons we are going to see what to monitor to keep the pulse of the situation.
We proceed step by step.
The trading day of 21 November took place at the following prices:
What to expect in the next 10 days?
The annual forecast continues to project a further upside until the end of the year. This does not mean that in the short term we cannot see a retracement.
The levels to monitor whether there is an excess of shorts on Wall Street
Very short bullish trend until there is a daily close below 33.540. Lasting declines only with this week’s close below 33,239.
Very short bullish trend until seeing a daily close below 11.006. Lasting rises only with the closing of this week below 11.006.
Very short bullish trend until there is a daily close below 3.906. Lasting declines only with this week’s close below 3,906.
For the moment, from what we read in the data just highlighted, the trend continues to remain bullish, and therefore the last few days at the moment continue to project the oscillators further upwards. Will there be a retracement or not? At the moment these are hypotheses on the “carpet”, but what matters is that the traffic light is still green and in favor of shares.