Scott Burrill - Market Notes

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Scott's notes
Scott's Market Notes

Waiting for the Fed and Market Follow-Through

Nov 8, 2018

Yesterday was decidedly up with most proxies closing at or near their daily highs. Also of note, 76% of the SP1500 is trading above their mid-Bollinger Band.

Top performing groups were noted in Health Care and TMT.

The Top 50 Stocks where the money was flowing according to our screens.

Looking forward, consolidation above 2800 is expected in the SP500, and we anticipate further upside follow-through once the FOMC Announcement is released at 2:00 PM EST.

If what we anticipate to happen falls to occur, the opposite reaction is usually more violent. Therefore, rejection of 2800 would likely put 2773.50 into play.

I have updated the Levels to accommodate the most recent breakouts to provide tactical context.

In these machine-dominated (algo's) markets, we use Levels to anticipate where price is most likely to move toward confluent areas of risk or opportunity.

All the best,

Scott

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