If risk appetite is coming back, here’s where the bulls could get hungry

The $ES_F retracement lower to the 50% Fibonacci level from the last major move (October 4 low to October 27 high) is being tested and thus far today’s doji candle is showing hesitancy to sell off and that’s a good sign that the market is respecting this support level.

 The $ES_F has found support (for now) at the 50% Fibonacci Retracement level. This is a good sign for bulls although a more meaningful shift will be a move higher through 1205.

There will be a lot of talk about the 1200 level overhead and how this major psychological level will keep the market under pressure and certainly a move higher through 1205 would be a bullish sign but for now the 50% Retracement support will have to suffice.


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