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The current upswing in progress made an equal high at 2585.50 as the previous upswing on November the 1st. The two upswings drew more or less the same number of contracts and price moved 20-points and 22-points respectively. Currently the Comparative strength indicator is developing weakness and the Simplified volume oscillator shows buying pressure is easing. If Selling pressure develops and price close below 2571 we can expect weakness to develop. A bar close above 2585.50 can lead to a new high.
Keep an eye on the volatility index ($VIX). According to the CBOE, October 2017 was the least volatile month in the history of the index readings. A sudden rise in volatility will lead to a larger Sell-off and the 2563.50 level should come into play and if broken expect more sellers to enter the market.
The information delivered here is for educational purposes only and is not intended to be a recommendation to purchase or sell any of the stocks, futures or other securities referenced. All references are for illustrative purposes only and are not considered endorsed or recommended for purchase or sale by MC Trading.
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