A Busy Week Begins

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Our View

I think the S&P performed well last week. The continued back-and-fill and the 4550 level have proved impenetrable, helping to push the ES back above the 4600 level. 

We have yet to see a big up-day above 4600, but I think it's coming. 

I am keeping things light going into an action-packed couple of days. The week ahead is filled with key economic reports — with the CPI report taking charge on Tuesday — then the FOMC, rate decision, and Powell conference on Wednesday. Finally, there’s the December Triple Witching on Friday. 

I think all could have a bullish slant and see a lot of upside volatility.

Remember: Many are shifting their focus from the December futures contracts (which expire this week) to the March contracts. Double-check your levels when looking at various analyses and make sure you’re focusing on the correct contracts.