It's been a pretty quiet couple of consolidation days since Monday's push to new highs. Volume has been well below average and price has stayed within Monday's range. It feels like people are getting an early start on Thanksgiving. We do have options expiration this week though. While that could drive some more activity, it could also just keep things exactly where they are. The Nasdaq and S&P are both near nice round numbers which are perfect for pinning. Unless tomorrow's economic data (Philly Fed & Leading Indicators) is a big surprise I just don't see the market breaking out of this consolidation mode this week.
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
The vix is due for a turn upward now. My bet is that we go down for the next day or two and the spx gets pinned at 1100 and the qqqq at 44ish. Then I think we start the next leg down next week. At the end of next week, the sentiment will hinge on black friday sales.