TRADING JOHN MURPHY

[TREND1]

11/21 S&P 500 IS RETESTING ITS OCTOBER LOW ... Since the nearly nearly three year uptrend that started in stocks early 2016 appears to have peaked, an eventual retest of early 2018 lows appears likely. That would mean an eventual retest of February/April lows on the S&P 500 ranging from 2532 to 2553 on an intra-day basis as shown in Chart 1. Heading into the Thanksgiving holiday, however, the SPX is trying to find support above its late October low. That would be a logical chart spot for some bottom-picking to emerge. But the S&P 500 needs to clear some overhead resistance barriers for that test to be successful.

SPX

http://schrts.co/QrAAtX