Nov 8th Extra Daily Post

Already posted for Nov 8th but will update the chart a little here. We clipped that 4710-20ish resistance last week that I’d been looking for all week. This is resistance of the purple rising channel shown below, which has been critical since last summer. It looks like a pullback or some sort of cool-off is due here as posted and if bears to manage one after the historic rally we’ve had this is basically the only shot. This same purple channel resistance caused the September 2021 pullback and its a big level.

1st support for this pullback will be 4655 area, 4630 below. Bulls will want to generally either rally direct from those zones, or at least base above them and form some sort of continuation chart pattern. If 4630 fails, my guess is we’re going to see a deeper correction unfold to backtest the September highs in the 4550-60 area, with 4500 below if it can’t recover there.

All levels labelled and shown below, will update on Twitter tomorrow