Here is what I am expecting
Wednesday brought us good spirits and a nice move higher. Still a narrow range and very light volume, the day started very rocky and with a big drop off consumer confidence to recover and close green. The Nasdaq volume was the lowest we’ve seen since October 9th and the NYSE the lowest since October 30th. Pretty anemic basically, but very normal ahead of a holiday and Friday’s shortened trading day is likely to be even lighter.
Crude closed lower by 93 cents at $59.24. Once the inventories showed a nice build and the Alaska pipeline reopened fears of a drop in supply were put to rest. Gold again today overshadowed by platinum…WOW. Gold closing up 30 cents at $629.00 with platinum down $65.10 at $1154 on the day. The rumors of the ETF that ran it up Tuesday were countered with some disparaging remarks about the unlikelihood of that happening sold off the metal today.
Friday will be a partial day and very light volume. No earnings or economic data so things may act pretty hung over into the opening. Then we will likely find a few small movers. It is really not a great day to look for huge profits, there is even a possibility that nothing will be happening worth trading, so be prepared to sit around if that is the case. Having the discipline to NOT trade is what usually makes or breaks a trader. Coming in to push buttons out of boredom usually ends in disaster.
So Friday lets look for some early strength, I don’t think we will take out the highs we saw on Wednesday, but we may peak over them. Then pull back in to range and probably end our day pretty neutral. The market did a great job of holding the range so far this week, so there is no reason to think we’ll come out of Friday with a big move. We are still overbought and left some pretty interesting toppy candlesticks on Wednesday. But until those are confirmed they are just candles that have potential to turn into something.
Some earnings of Interest for the week: Thursday markets are closed. Friday no reports due.
Week of November 20 — 24: Thursday nothing due out markets are closed for Thanksgiving, Friday nothing due out.
Market closures this week due to the holiday. NYSE, Nasdaq, Amex are all closed Thursday and closed at 1 on Friday. Futures are close at 2:15 eastern Friday. Friday is also Black Friday when retailers kick off the official shopping season and shoppers look for bargains.
ES (S&P 500 e-mini) Friday’s pivot is 1408.50, weekly pivot is 1398.5. Intra day Support: 1405.50, 1400.75, 1398 and 1395.50. Resistance: 1408.50, 1411.25, 1413.75, 1415.50. 30 minute chart is below.
NDX (Nasdaq 100) closed +10.88 at 1819.76. Support: 1807.92, 1794.93, 1788.05, 1771.68. Resistance: 1830.90, 1847.06, 1872.24
Everyone have a great weekend and we can look for volume and normalcy to return next week.
Teresa Appleton has traded equities and options for
nine years and futures for seven. She is founder and CEO of TradeLogic, LLC. For
more information about Teresa and the training she offers stock, options and
futures traders,
click here.