On Friday chatter on the floor had everything to do with the underlying message in the market and what to make of it.The Dow and S&P logged their worst Thanksgiving week since 1932 , when the nation was in the thick of the Great Depression.
Considering a statistic like that, investors were all but desperate to determine whether the S&P was on the brink of something serious.
With the short session and light volume on Friday, trader Mike Murphy said “you’ll get the real tell on Monday.” And with the market trading so technically, he and the other Fast Money pros suggested keeping an eye on 1155. That’s a key Fibonacci level, specifically, it’s the 50% retracement of the entire up-leg from the Oct 4 low of 1068 to the Oct 27 high of 1289.25.We know that's confusing but in a nutshell it means how the S&P behaves at 1155 will be a ‘tell’ for pros who watch technicals. (It's worth noting, our pros made the comment on Wednesday and on Friday the S&P closed within a few points of 1155.)Therefore, on Monday, if the market bounces higher, that would be considered a bullish sign because it would signal that the key level of 1155 did, infact hold. By contrast if the S&P goes much lower it would be considered bearish because the key level failed.Page 1 of 5 | Next Page