The market direction outlook for Thursday November 13 2014 was for stocks to remain sideways but for the bias to remain up. A lot of factors are playing on the market at the present time. Everything from the rise of the US dollar, which once again entered the picture today, to the decline in oil which happened again today, to stocks being fairly overvalued in general is weighing on the markets and investors. This has the markets continuing to move up and down but primarily sideways. Yesterday we had a strong pullback at the start of the day and then a rally and finally a close just slightly lower. Today stocks moved higher to start, sold off and eventually ended the day pretty well where they were a couple of days ago. In other words, sideways. Much of this smacks of consolidation as investors adjust positions which is part of the reason for declines and rallies during the day. The large professional investor is good at making adjustments without affecting price by much. We are seeing a lot of this at the present time.
Weekly Initial Unemployment Insurance Claims
Today’s Weekly Initial Unemployment Insurance Claims rose slightly to 290,000, a rise of 12,000 from the prior week. On average the economy continues to point to job growth weekly. The prior week was adjusted to 278,000 but the most important figure today was the four week moving average which is now at 285,000 which is actually an increase of 6,000 from the prior week. At the present time the market timing system using the Weekly Initial Unemployment Insurance Claims is still pointing to staying invested.
S&P 500 Intraday for Nov 13 2014
The intraday one minute chart for the S&P from today shows the morning rally which brought the S&P up to 2046. This brought in sellers who pushed the market down to 2030, a drop of 16 points. The afternoon was spent recovering the SPX to close back at 2039.33 a slightly new closing high. Today saw a tight range for the S&P which often is a signal that the next move in the overall market direction will be bigger.
SPX intraday for Nov 13 2014
Advance Declines For Nov 13 2014
Volume picked up slightly on Thursday to 3.5 billion shares with 65% of shares moving lower and 32% of them moving higher. There were 160 new highs, an increase from yesterday’s 111 and 69 new lows which was also an increase from yesterday’s 39. The advance decline ratio is pointing to sideways action for the market.
Market Direction Closings For Nov 13 2014
The S&P closed at 2039.33 up 1.08. The Dow closed at 17,652.79 up 40.59. The NASDAQ closed at 4680.14 up 5.01.
The Russell 2000 IWM ETF closed down a full dollar to $116.90.
Market Direction Technical Indicators At The Close of Nov 13 2014
The rest of this article is for FullyInformed USA members as tonight’s market direction outlook is more in-depth than usual and discusses some of the trading I will be doing on Friday.
FullyInformed USA Members can login directly through this link to review the market direction outlook and investing strategy notes for Nov 14 2014 or Members can sign in to the full USA members site here. Non-members can join here or read about the benefits of being a member.
Stay FullyInformed With Email Updates
Market Direction Internal Links
Profiting From Understanding Market Direction (Articles Index)
Understanding Short-Term Signals
Market Direction Portfolio Trades (Members)