Thursday is the US Thanksgiving Holiday, so Happy Thanksgiving to any of our US readers!. Since the markets have run up prior to the holiday, it would not be unexpected for them to sell-off after. Therefore, it may be prudent to close out any open positions and be prepared to enjoy the weekend.
Futures this morning are positive along with the DAX, indicating a positive open. The market condition scans are showing a slight bias to the upside and the market bias indicators are not showing any strong directional bias. Therefore, this suggests a choppy market again, with weak follow through.
Earnings this morning are also mixed, so no strong catalyst for upward momentum here either.
The markets continue to react the falling US Dollar, which has been moving exactly opposite to the TSX.
Index
| Change
| %Change
| Level
| Phase
|
TSX
| -84.39
| -0.73% | 11539.63 | Bullish
|
DJIA
| -17.24
| -0.16%
| 10433.71
| Bullish
|
Nasdaq
| -6.83
| -0.31% | 2169.18 | Bullish
|
SP 500
| -0.59
| -0.05% | 1105.65 | Bullish
|
Russell 2000
| -2.23
| -0.37% | 592.58 | Warning
|
NYSE
| -16.07
| -0.22% | 7170.26 | Bullish
|
Source: Telechart
Short Term market outlook:
Bias: Scans showing a neutral bias
Energy: weak
Primary Trend: sideways to down
Market: Trading Range
Sector
| Phase
|
Consumer Staples
| Bullish
|
Healthcare
| Warning
|
Technology
| Bullish
|
Utilities
| Warning
|
Energy
| Bullish
|
Financials
| Warning
|
Industrials
| Bullish
|
Materials
| Bullish
|
Consumer Discretionary
| Bullish
|
Source: Telechart