What Should Investors Watch This Week?

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Nov. 11 (Bloomberg) -- Trading Advantage Senior Market Strategist Alan Knuckman discusses the week ahead for investors on Bloomberg Television's "Lunch Money." (Source: Bloomberg)

You're watching levels and we don't have a lot of fundamentals people are watching.

We do have the s&p 500 flirting with that record high.

Where do you think we are heading from here?

I was amazed to see what we had last thursday and friday i felt relieved when we saw the profit-taking thursday.

It may do all time highs on thursday and closed lower so that was very negative.

To come back like we did on friday, i view that as a positive.

You can see how the 1730-1740 level of the s&p 500 has held strong.

The previous peak was 1730 so that the level to lean on but the target is still more upside at 1815. i feel better after that flush out we've seen.

If you look over the past four weeks or so, we have been going sideways.

Anything that will knock us out of that?

As you say, we went down but we came back up again.

Exactly, that shook up the markets and that's what you have to do to keep a bull market intact.

I don't see any reason for that to change.

We have been here before emily we pulled back and the add-on the distance of that whole back.

If you look at the dow, it is only 30 stocks -- it has been trading between 15,800, and 14,600. a breakout could see a 14,000 -- 17,000 out.

One of the indicators is the euro.

They are out of bullets for the ecb and cut rates last thursday.

That brought the euro below $1.33. the dollar made new relative month highs on friday but the euro did not make new lows so there is bullish diversion there.

The euro is stronger than people think that i think it will make another run at one dollar 30 four cents per it that could help out many thanks with that dollar continuing to drift lower.

You think the dollar will go lower.

Would that be more bullish for you?

Exactly, the u.s. stock market has done this with a relatively strong dollar.

The dollar earlier this summer, we were at 85 in the dollar index and we have come off that and trend is starting to resume.. the 25 year downtrend could be a catalyst.

We saw crude oil last week may new -- making for -- make new for bump lows.

That is borderline reversal.

We will keep an eye on crew because that might be of value after the spec selloff.

It is all dollar related but i am still feeling more bullish after what we saw thursday and friday.

Thank you so much.

We will be "on the markets" again in 30 minutes.

" bloomberg west" is next.

This text has been automatically generated. It may not be 100% accurate.

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