The November closing candle

US equities started the holiday week in a naturally subdued manner, and appear to just be retracing a little. Sustained action <sp'2060 looks extremely unlikely, and it is arguably just a case of how strongly the month closes. Even if rates are raised at the Dec' FOMC, the market should be able to keep on pushing upward.


sp'monthly1b

sp'weekly2

Summary

The Oct' monthly close was a powerful one, and in many ways, very much like Oct'2011. It is also notable that Nov'2011 settled fractionally red, but from there.... the market effectively doubled across 3 years.

The 10MA is currently @ 2058/59. Any close in the 2060s would be another major victory for the bull maniacs, with a key higher low of 2019.
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Update from Oscar



The issue of the NYSE banning GTC orders (from Feb' 2016) is something I will cover another day. There are some grander issues surrounding this very disturbing change.

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Looking ahead

Tuesday will see Q3 GDP (first rev'). market is expecting an improved number of 2.1%. Anything <1.0% would be a real problem for the econ-bulls.

Other data: case-shiller HPI, consumer con', Richmond fed.
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Goodnight from London