By Investor’s Yak
Last week’s pullback (PB) ended on Monday with a reversal then finished the week up on Friday. Most of the market indices are still below the 200 day moving average (DMA). Before a new rally is in place, not only will the 200 DMA need to be penetrated, but prices must exceed trading range (TR) tops. Therefore, this weekly watch will continue into the Thanksgiving week. Future market direction will be determined by one of the following:
1 Bullish – New price gains above the 200 DMA and breaking out of TRs
2 Neutral – Trading range development between recent highs and prior lows
3 Bearish – A pullback busting below prior August 24, 2015 price lows
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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