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Status Quo November 25, 2016

Posted by Tom in Thoughts.
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Nov. 25, 2016 – This will be a very short post, because, not much has changed since last week.  Note on the chart below that, other than Monday, the bar ranges/spreads were very tight.  That goes along with the steadily decreasing volume due primarily to the Thanksgiving holiday.

nasdaq

It’s hard to make much out of the price & volume action this week so I won’t.  However next week it’s back to business and we should very quickly get an idea whether we’re headed into a Low Demand / Up Thrust situation (bearish) or a return to a steady grind higher.  This market could use a rest and I’ve drawn in a set of reverse trend line channels to give us an idea where a “normal” pullback would go.  Somewhere near 5250 on the NASDAQ Composite Index (above) should not cause much alarm.

Right now Small & Mid Cap stocks are doing well which typically indicate a “risk on” state.  Also Banks, Financials, Japan and Industrial sectors are doing well.

Thant’s it for now.  Have a great week.         …………..  Tom  …………..

Chart by MetaStock, used with permission.

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