Quick Market Perspective

The Turkey headlines went back in the deli slicer today.

Markets rallied with the $SPY reclaiming $284 for some of the session:

Futures have a great short term set-up.   With Fridays action and todays recovery a nice bottoming W has formed as well as a bullish wedge on todays afternoon of consolidation.

The break of current resistance would likely see a move to last Thursdays pre-Turkey rout highs.

Obviously nothing is set in stone.  But I think this has a high probability of occurring.

Which means the set-up for the S&P500 is for a possible new record high into weeks end.

The China names have been getting crushed.  I covered those briefly last night.  $BABA came down right near that $170 level I talked about as support.  I may take some calls on a China ADR tomorrow as the selling, especially out of the gate this morning, had a capitulation type feel.

Of course a big overnight move higher in China, and a gap up for the S&P500 would probably see a sharp move in those ADRs early.  As such a flattish open would not be a terrible thing.

$GME continues its grind higher.  Looking even better for that reversal higher.

and of course $VSI remains a thing of beauty.

and I leave you with that!

Back to the meat market tomorrow.

Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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