The indices are showing signs of strength heading into this morning’s opening bell. The Nasdaq is leading the charge up 1.25%, while the rest of the indices are 0.6-0.8% higher thus far. Most of the strength in the Nasdaq can be attributed to the FANG stocks (NYSE FANG Index up 2.69%). The trend has turned down, but many indicators issued oversold readings yesterday. We often see rallies leading up to Thanksgiving (and then into Christmas), but we aren’t used to seeing this much technical damage leading up to the holidays as of late. It will be interesting if the seasonal tendency is able to help these markets find some footing. Volume should be light today, and that can often exaggerate a move higher or lower.
Markets have normal hours today, but most are closed or have early closes tomorrow and Friday. Please feel free to email me or give me a call if you would like a copy of the trading schedule. Have a wonderful Thanksgiving.
E-Mini S&P 500 Dec ’18 Daily Chart