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Market Commentary For 11/11/2020

What Happened: Following Tuesday’s resolve of excessive coronavirus vaccine optimism, responsive buyers established an excess low at the $3,500 high-volume ledge, and auctioned the S&P 500 up into Monday’s end-of-day spike liquidation.

What Does It Mean: Participants were able to repair some of the poor low-volume structures left in the wake of Monday’s coronavirus vaccine news. As mentioned earlier, responsive buyers resurfaced at a notable high-volume ledge, the site of recent value.

Further, the possibility of a failed higher time-frame breakout is intact. As a result, participants should look to whether Monday’s late-day spike is negated via trade above $3,580 in the S&P 500. Failure to negate the spike suggests initiative sellers remain in control.

Levels Of Interest: $3,580 spike, the high-volume areas at $3,600, and $3,540, as well as the low volume areas at $3,520, $3,575, and $3,608.