Market Commentary For 11/17/2020

Daily commentary for U.S. broad market indices.

What Happened: Following an initiative drive on coronavirus vaccine¬†optimism, which confirmed last week’s balance break, U.S. index futures pared gains. The resulting¬†overnight action saw prices fluctuate within Monday’s day-session extremes, suggesting balance and acceptance of higher-value after a big move up.

What Does It Mean: As of now, the S&P 500 index future managed to negate Monday’s end-of-day movement up and away from value, pointing to a desire for balance above the low-volume excess created by the weekend news event.

Further, the aforementioned low-volume area should hold against future auction rotations. However, probing into the region may portend swift movement as low as the $3,580 balance-area high, which ought to offer responsive buyers favorable entry.

Levels Of Interest: 100% projection of the balance-area at $3,650, the low-volume area at $3,600, and $3,580 balance-area high.

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