The tentative EminiForecaster forecast for the trading week ending November 27th 2009 is now posted. (click Next Week)

We expect the market to continue its decline into the Tuesday AM (November 24th) area and to rise from there.

We have seen an expansion in the range in the last couple days, however the VIX remains low and we saw a new high for the year this last week.  Gold has gone to new highs and the dollar has continued to decline.  You would think at some point the bears would get control of this, but the bull unrelentingly continue to buy sell offs.  Those trading on a longer time frame who believed the market should not be rallying (and rightfully so), have been punished for many months.  I am glad we trade on a time frame tight enough to avoid such things.

We did manage to get a gap closed on the 10 minute chart from the 16th.
There is another gap waiting to be filled at the 1065-1070 level. We are not close enough for me to be willing to consider that a magnet price just yet, but it is an area on your chart to be aware of.  There is potential to get there however, with two trading days remaining in this cycle.

We also left another (down) gap on our chart this AM at the 1102-1108 area.
This should also be in your awareness.  So the range in the next couple days could be defined by those areas (1070-1102). Therefore, Key levels for the rest of the week are the 1070 area to the downside. To the upside we are seeing the 1002 area.

As always, manage risk as a top priority.

More on Sunday.

Wishing you the very best,

Vadim, Rob & Staff