The Tug of War Continues
Thursday left a mixed close with very definitive volume.Â Nasdaq 100, Nasdaq Composite and Dow closed red on the highest volume weâ€™ve seen this week to leave distribution days.Â The S&P 500 closed green by a hair and also on the highest volume weâ€™ve seen this week.Â The day left wicks and sticks, that means shadows out both sides of the bodies to leave spinning top candles.Â It implies a pause and market with a lot of indecision.Â Given the amount of volume we had today, youâ€™d think someone would have won this tug of war, but that wasnâ€™t the case at all.Â Complete indecision with some bearish bias.
Crude closed up 67 cents at $63.13 on the day.Â Still pushing up off the inventories from Wednesday.Â Gold also rallied today up $11.40 at $646.90.Â
November closed up across the broader indexes leaving the 4th up month on the Nasdaq and 5th for the S&P 500 and Dow. Friday we will look for a weaker opening and move down to test support.Â The day could still be narrow and I would expect lighter volume.Â November closing out brought in heavy volume, but first day of a new month and a Friday, there isnâ€™t any reason to look for volume to pile in.Â Economic data has been more negative than positive this week and tomorrowâ€™s maybe no exception.Â Weâ€™ve sold off and recovered each day and that pattern should be watched for on Friday.
Economic Data for the Week of November 27 â€” December 1:Â Â Â Friday 00:00 Auto Sales, 00:00 Truck Sales, 10:00 Construction Spending, 10:00 ISM Index.
Some earnings for the week:Â Friday pre market WMG.Â
ES (S&P 500 e-mini) Fridayâ€™sÂ pivot is 1402.50, weekly pivot is 1404.50.Â Closed with a big bearish engulfing pattern, so our bias will be lower out of the gate tomorrow.Â Intra day Â Support:Â 1399.75, 1397.75, 1394.50, 1391. and 1386.25.Â Resistance:Â 1403.50, 1406.25, 1408.50, 1411.25.Â 60 minute chart is below.
NQ (Nas 100 e-mini) Fridayâ€™s pivot is 1794.50, weekly pivot is 1814.75.Â Intra day Support: 1789.75, 1785.50, 1781, 1777.50, 1774.50.Â Â Resistance:Â 1805.25, 1810.75, 1815.75 and 1821.50. 60 minute chart is below.
Everyone have a great trading day Friday and a wonderful weekend.