Stock Market Outlook entering the Week of November 26th = Uptrend
- ADX Directional Indicators: Uptrend
- Price & Volume Signals: Uptrend
- Elliott Wave Analysis: Downtrend
ANALYSIS
The stock market outlook exits the Thanksgiving holiday in an uptrend.
The S&P500 ($SPX) gained 1% during last week’s holiday shortened trading session. The index starts this week ~5% above the 50-day moving average, and ~6.5% above the 200-day moving average.
SPX Price & Volume Chart for the Week of Nov 26 2023
The ADX directional indicators and price/volume are bullish, while Elliott Wave analysis continues to wait for the current wave to end. 4607 is the key resistance level.
SPX Elliott Wave Analysis for the Week of Nov 26 2023
COMMENTARY
Last week’s bond auction went well, supporting equity markets rather than hindering their move higher. FOMC meeting minutes were released on Tuesday, and were interpreted as dovish by most pundits.
This week, Q3 GDP data is released on Wednesday, PCE data on Thursday, followed by a speech from Fed Chair Powell on Friday.
Best to Your Week!
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