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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