In last week’s video, I gave a preview of a possible large market drop and the first trading week of December gave some market participants a scare as markets broke the multi-week uptrend early in the week only to close out the week with a strong rally on the back of the strong unemployment report.
Markets look poised once again to make all-time highs.
If this week’s action has you puzzled think of it this way, with only 3 trading weeks remaining in the calendar year and the North American indices logging in a banner year, if you are running a large fund do you really want to risk your entire year on what might transpire in the next few weeks?
So the gameplan is to sell first and ask questions later.
In this week’s video, I breakdown the past week’s price action and talk about a price action pattern that plays out regularly across timeframes and instruments – the broadening formation.
Watch this week’s Weekly Outlook video to see the setups and levels we’ll be watching as well as the technical outlook for the VXX SPY QQQ IWM DIA EEM TSX TLT GLD BTCUSD ETHUSD EEM and more for the week of Weekly Market Outlook For – December 9 – 13, 2019.
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