The tentative EminiForecaster forecast for the trading week ending November 20th 2009 is now posted. (click Next Week)

We are currently seeing the market up into the November 17th-19th area after which we see a decline.

It looks like the market might have gotten a bit ahead of itself on Monday so we are seeing some correction here before continuing higher into mid next week.  We have two cycles with topping.  One on the 17th and the other on the 19th.  Typically these patterns form near the open of the day.  The market is suggesting it wants to go lower as was displayed today, so we would expect the upside to not be of too large a magnitude before the next decline sets in and would not be surprised if the anticipated downside cycle comes a bit early.

The VIX is hovering in the 24% area and has come off some recent lows.  We have been seeing an 11 trading day cycle up and 11 day down for several weeks now. We may also be seeing a set up for the 1165-70 (gap) area as a magnet price after having broke support today.

Key levels for the rest of the week are the 1065-1070 area to the downside. To the upside we are seeing the 1094 area.

As always, we suggest you to manage your risk as a top priority as we seem to be changing our overall market bias at this time from bullish to bearish.

More on Sunday.

Wishing you the very best,

Vadim, Rob & Staff