Historically and seasonally, the Monday after Thanksgiving tends to undo the rally from Friday, and things are mixed ahead of the open…
I don’t know if today will be weak or just choppy. So far, I’m not getting hints of a major down move, so the chop seems the most likely outcome.
So don’t be surprised if the market is rather boring today as we see a little bit of undoing.
Gold, meanwhile, is seeing low volume while it moves along its major moving averages. The level to watch is still $2,784.50. Until then, I would avoid longs.
For Bitcoin, one thing I don’t like is that volume is falling in a major way, which is hinting at a sharp sell-off. It’s still at the eight-day moving average, and if volume starts rising again, then prices should start rising again.
The bond market (TLT) is still right at the 200-day moving average, and whether we move higher or lower from here is dependent on this week’s Fed data…
We have the PMI Manufacturing Final at 9:45 a.m. ET today, ISM Manufacturing at 10 a.m., then JOLTS at 10 a.m. on Tuesday, the ADP Employment Report at 8:15 a.m. Wednesday followed by the ISM Services Index at 10 a.m., and then comments from Fed Chair Jerome Powell at 1:45 p.m.
On Thursday, we have International Trade in Goods and Services and Jobless Claims at 8:30 a.m., and then the Employment Situation at 8:30 a.m. on Friday.
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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