Thanksgiving Week!
Welcome to ThanksGiving Week! Yes, this is going to be a holiday shortened week due to Thanksgiving on Thursday and a half day trading on Friday which we won't be expecting much action.
The Dow did a critical rebound off its daily 50MA line which is critical for the sustenance of the current intermediate bull trend. Indeed, last Thursday's rebound was very crucial to saving the market from dropping into an intermediate correction. Even though this is a holiday shortened week, there are still a few important economic releases this week which could either help the market go into a new bull leg or break it totally. GDP on Tuesday along with Durable Goods order and Jobless claims on Wednesday both can significantly affect the current shaky trend (see Stock Market Calendar).
On a weekly basis, the Dow is currently holding above its weekly 200MA, which is an important line to keep above in a bull trend. We would definitely love to see a strong followup on Monday and the index futures seems to be indicating strength on Monday right now. Typically, markets tend to do well in Thanksgiving week and Christmas week as long as its not in a strong bear trend. So we are also looking forward to a more positive week this week.
For now, the Dow remains in a short term neutral trend, intermediate bull trend within a primary bull trend.
My Market Analysis Sent Straight Into Your Email Daily For Only $5/Month! **My analysis will only be posted here once every other day.
The Dow did a critical rebound off its daily 50MA line which is critical for the sustenance of the current intermediate bull trend. Indeed, last Thursday's rebound was very crucial to saving the market from dropping into an intermediate correction. Even though this is a holiday shortened week, there are still a few important economic releases this week which could either help the market go into a new bull leg or break it totally. GDP on Tuesday along with Durable Goods order and Jobless claims on Wednesday both can significantly affect the current shaky trend (see Stock Market Calendar).
On a weekly basis, the Dow is currently holding above its weekly 200MA, which is an important line to keep above in a bull trend. We would definitely love to see a strong followup on Monday and the index futures seems to be indicating strength on Monday right now. Typically, markets tend to do well in Thanksgiving week and Christmas week as long as its not in a strong bear trend. So we are also looking forward to a more positive week this week.
For now, the Dow remains in a short term neutral trend, intermediate bull trend within a primary bull trend.
My Market Analysis Sent Straight Into Your Email Daily For Only $5/Month! **My analysis will only be posted here once every other day.
posted by Jason Ng at 1:18 AM
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