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Wednesday, November 21, 2018

Daily update 11/21

A bit of a bounce.

SPX gapped up and rallied some early on.  After going sideways most of the rest of the day it sold off going into the close.  Breadth was +71%.  New highs dropped down to 16.  New lows went way down to 144.

The futures are hanging in the consolidation area from late Oct.  To make a bottom, or not to make a bottom.

The red count remains above 50.

The day before and the day after Thanksgiving are positive 76% and 71% historically.  Monday is down 64% of the time.  When Monday is up it is usually a positive sign for the rest of the year.  Patience is needed while we see how the market handles this retest of the low.  There will be no more updates until Monday.

Today's global economic headline.

The Organization for Economic Cooperation and Development on Wednesday said global growth is slowing amid rising trade and financial risks. Growth forecasts for next year have been revised down for most of the world's major economies. 

Have a great Thanksgiving.  If you don't live in the U.S. it never hurts to take a moment and give thanks for all that you have.


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The information in this blog is provided for educational purposes only and is not to be construed as investment advice.