ES Weekly update 12/2/2013
First a look at general seasonality..
In summary: look for weakness, especially the wed to friday/monday time period . Although the daily chart is still in a solid uptrend, the market could turn right now as the 161.8 has been achieved, but i doubt it. Look for good bounces, or turnaround at 1793 or 1787. You will know we are on our way to new highs if we spend much time above say 1806 where the black avg on the hourly chart sits. As you can see from the charts, so far the market has not said this is in the cards yet. Also if bearish, be very careful this month as it is one of the strongest months of the year. Not just seasonally, but dont forget the big boyz dont want to blow there big year end bonuses! The last time Dec was down was 2007, which of course was the start of the worst recession since the great depression, so its not something that happens often. Have a great trading week!