S&P 500, Nasdaq, Russell 2000 Hold Ground, Setting Up a Bullish Black Friday
2023.11.22 02:23
While coming in as a technical distribution day, the generally low volume yesterday was a sign that Thanksgiving trading has come early. I won’t be expecting much until next Monday, but Black Friday is more likely to be bullish.
The () experienced the largest loss. The 50-day MA is a potential support area although it may not be needed.
IWM-Daily Chart
Bears could view yesterday’s doji in the as a bearish harami cross, one of the most reliable reversal signals. If this was to be true it would need a gap lower to confirm. The good news is that there is plenty of support to lean on with the 20-day MA a probable level to test should weakness emerge.
COMPQ-Daily Chart
It’s a similar story for the as it returns to a relative outperformance against the Russell 2000. Technicals are net positive and the potential for a bearish harami cross reversal is there as it is for the Nasdaq.
SPX-Daily Chart
It has been a strong advance from the October low. The attempt at a correction in early November was quickly snuffed out, will now be the time we see this happen?
