At the Top November 26, 2020
Posted by Tom in Thoughts.Tags: Stock market analysis, stock market commentary, technical analysis
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Nov. 25, 2020 – I’m writing this with very low speed internet and it’s painful, so it will be short; just like this week. In the US Thursday is a holiday and Friday is a half day so not much the rest of this week.
On the chart below you will note that on Friday we just barely crested over the previous top / trading range on very light volume. Thus next week will either confirm the breakout or reject it. Careful now.
All indicators are positive and the general feeling is cautious optimism so higher seems to be the direction though likely not in a straight line.
Here’s what is doing well in the short term –
Interesting that Energy, Small Cap and Banks / Finance are in the lead. Small Cap looks like a “risk on” indicator so that is a plus. Banks . . . it’s about time; Energy, I’d be cautious.
That’s it for a short week. Happy Holidays to all but please Take Care out there.
…………….. Tom …………..
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