$SPX 60 Minute: I still think it's viable the market back tests key support before we beginning another leg up. The MACD turning down supports this idea;
$SPX Daily: The market pushed right to the first down trend line and this could be where we see the market consolidate last week's gains. That being said, there's nothing bearish in the charts and the trend should be upward most of December.
My Watch List: I've got no charts up because I'd like to see how the market starts next week.
From My Trading Desk: On Friday, we took advantage of the early push up and closed longs on MMM, FDX, and XOM. I thought we might be close to ending wave A or 1 up and going into the weekend, I wanted to move towards cash.
For next week, I'm looking so see if we build a consolidation or pull back. The market should be in an upward trend for December, and I'm looking for a re-enter point based on a wave B or 2 pull back.
Happy Trading.
J.D. Rosendahl, Rosey