The Canadian markets are closed today for the Canadian Thanksgiving Holiday, but the US markets remain open. The market bias indicators are pointing towards the need for a statistical correction in the next one to five days. For today, futures and the DAX are positive indicating a positive open for the US markets. The market condition scans are continuing to show a positive bias, although energy is weak to moderate.
There are no major economic reports or earnings for today, however, investors appear to have been buoyed by Alcoa’s (AA) better than expected earnings, posted last week. Markets this week are most likely to be driven by upcoming earnings.
Oil, gold and silver are all up this morning. On Friday, the US Dollar moved up, forming a potential double bottom pattern on the chart. While the downtrend remains intact, its momentum may be slowing.
| Index | Change | %Change | Level | Phase |
| TSX | -47.59 | -0.41% | 11436.92 | Bullish |
| DJIA | +78.07 | +0.80% | 9864.94 | Bullish |
| Nasdaq | +15.25 | +0.72% | 2139.28 | Bullish |
| SP 500 | +6.01 | 0.56% | 1071.49 | Bullish |
| Russell 2000 | +7.17 | +1.18% | 614.92 | Bullish |
| NYSE | +24.87 | +0.36% | 7015.54 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a positive bias
Energy: weak to moderate
Primary Trend: sideways to up
| Sector | Phase |
| Consumer Staples | Bullish |
| Healthcare | Bullish |
| Technology | Bullish |
| Utilities | Bullish |
| Energy | Bullish |
| Financials | Bullish |
| Industrials | Bullish |
| Materials | Bullish |
| Consumer Discretionary | Bullish |
Source: Telechart
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