NASDAQ 100 Technical Analysis
The NASDAQ 100 is slightly positive in terms of momentum during the early hours on Friday, as we are coming back from the Thanksgiving holiday. Keep in mind that this is a shortened day on Friday anyway, closing in the middle of the session. So really, at this point in time, I think you can’t read too much into this other than the fact that we have a scenario where we’ve been trying to recover for a while now. And I think we will continue to go to the upside.
The 26,000 level probably gets targeted before it’s all said and done. And it’s worth noting that the 50-day EMA is sitting just below the 25,000 level. So, I think you’ve got a situation where we are eventually going to rally in short-term pullbacks. Again, I think I offer value in this market.
Dow Jones 30 Technical Analysis
The Dow Jones 30 looks as if it’s just sitting here as well. And again, as I said, it is the day after Thanksgiving. I wouldn’t read too much into this candlestick anyway, but I am paying attention to the 47,000 level and the 50-day EMA underneath there, which offers quite a bit of support. If we rally from here, then the market could go looking to the 48,500 level, which is my target. I think it might take a minute to get there, though. We had a lot of energy expended to the upside this week. I probably need to stabilize a little bit. And then possibly we start on the Santa Claus rally for December.
S&P 500 Technical Analysis
The S&P 500 has shown itself to be quite well. And again, this is not a surprise considering that it is the day after Thanksgiving. Short-term pullbacks, I think, offer buying opportunities, and the 50-day EMA near the 6,700 level should be a bit of support. If we can rally from here, I think we go looking to the 7,000 level to suggest perhaps even a bigger, longer-term breakout. The month of December is typically positive for the S&P 500, so I am a buyer. I love the idea of buying dips. We’ll just see if we get them, but either way, I’m definitely not shorting this market.
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