By Investor’s Yak
This weekly watch has continued for a month and a half now and has finally performed a pullback (PB). To this point, the market rallied to the 200 day moving average (DMA) in just about all sectors but is currently back below it.
Now is the time to watch closely, and of primary interest is the final magnitude of the present PB. To estimate the best future market direction, watch the coming days and weeks to determine which of the following possibilities occur:
1 Bullish – A pullback stalling out at the prior August or September price lows
2 Neutral – A trading range forming between prior lows and the recent highs (around the 200 DMA)
3 Bearish – A pullback busting below prior August 24, 2015 price lows
NOTE:
Daily charts – indicate markets here and now want to pullback
Weekly charts – for the short term reflect a pullback should ensue
Monthly charts – suggest the market is bullishly strong and could finish the year without a bear run
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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