Market Update - 12/3/2015

Market continues its pullback and testing its near term support. On a larger time frame, the market still appears to be trending higher. Signs of weakening breadth started to appear, but the presence of weakening breadth doesn't mean the market cannot continue to move higher. The market typically halt its ascend after a euphoric or a climactic move followed by a narrowing one last grasp of a new high. At the present, the market appears to be setting up for a euphoric move more than it appears to be setting up for a roll over. In regardless what the market breadth is saying or whatever the fundamental is projecting, the price behavior will ultimately inform the attentive participants what lies ahead.

Here are the possible near term support levels to monitor for various market indices/ETF.

ES_F (SP500 emini futures):

(click chart to enlarge)



SPX:




SPY:




QQQ:




IWM: