By Investor’s Yak
There was little change in the Market last week, so please refer to our prior article for present status. Even after the October 28 FED meeting and third quarter (QE3) GDP Report, markets shrugged off the results. A rally has been characteristic of the entire month of October and Action Zones (AZ) are now toppy. Be prepared for a price pullback, but more time is needed to confirm whether a bull or bear direction will ensue.
Action Zone (AZ) Assessment:
* Daily AZ’s are still extended
* Weekly Charts show AZ #2 momentums completed triggering and have conviction to continue higher
* Monthly Charts, have completed a nice AZ #1 trigger an are still setting up for AZ #2
Event calendar affecting markets in November
28 November – Black Friday kicking of the Retail Christmas shopping season.
27-30 November – End of month window dressing; could extend into December.
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