Morning Ideas December 3, 2019

Took the elevator down overnight.

Very good example of what happens when the move is overextended. We get a snapback to flush some of the weak hands out of the market.

I will be watching this level with great interest 3080ish. If we accept prices below it, I think we will visit 3040 area soon.

I would expect to see the buyers try to push it in the meantime back towards 3100, and will be looking to get long with a close eye on this today.