The popular averages finished narrowly mixed on Wednesday, amid thin pre-holiday trading. Nevertheless, the Nasdaq Composite again attained all-time intraday and closing highs. The US stock markets will close for Thanksgiving and reopen for half a day on Friday.
The minutes of the FOMC meeting earlier this month indicated that a raise in interest rate targets is soon likely, but concerns persist about low inflation. Durable goods orders declined in October, while consumer sentiment has lowered this month. New unemployment claims decreased last week. Meanwhile the prices of crude oil and gold rose on Wednesday.
Above is my 3-month chart of the S&P 500 exchange traded fund (SPY). The SPY’s hop above its 50-day MA on August 27 restored all of my outlook arrows to green followed by only a few days of short term caution. November began what is normally the market’s best performing grouping of six successive calendar months.
The recent parade of record SPY highs has been encouraging, including the intraday and closing records on Tuesday. Until we see obvious signs of FOMO (Fear Of Missing Out), the uptrend could continue.
DISCLAIMER: Our commentaries are provided as general information and not investment recommendations. You are responsible for your own investment decisions. Our opinions are based on historical research and data believed to be reliable. There is no guarantee that results will be profitable. We are not responsible for errors or omissions. We may hold positions in vehicles that are mentioned.