The US Stock market remains bullish. New all-time highs (2072.25) were put in on Friday in the S&P e-mini futures.
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Market Assessment
Friday’s trading did see some selling come into the market. Although the Nasdaq sold off the most among the three indices, the selling overall was relatively modest. I do not see heavy supply nor any change in behavior.
Monday may see some continuation of Friday’s selling. If it does continue, look for the S&Ps to find support in the 2055 to 2050 area. I would not expect to see it to go much lower than that if the pullback continues. If it does, then lower support would come in around the 2045-40 level.
Overall, we remain bullish. Market action has been strong since the mid-October lows put in by the shakeout. We were expecting some sort of pullback to test the shakeout, but that never happened. Instead, we have seen a classic V-spike reversal, which is generally very bullish. Now, we are entering the Thanksgiving holiday week. Thanksgiving typically sets a bullish tone to the market. So until supply enters, look to buy weak pullbacks.
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