I was definitely wrong on the stock market outlook for Wednesday following Donald Trump’s win.
The strength of the rally starting in the later afternoon was remarkable with daily volume on the S&P at the highest level of the past two years.
S&P Index Close
The S&P index closed at 2163.26 for a gain of 1.1%
Dow Jones Index
The Dow Jones closed near its all-time high at 18,588.35 up 256.95 points for a 1.4% gain. The all-time high was in August at 18,668.44.
NASDAQ Index Close
The NASDAQ closed up 1.11% to 5,251.07.
Stock Market Outlook for Tomorrow – Nov 10 2016
There is no technical indicators for this evening. The markets are overbought following 3 days of rallying.
This should set the market up for an overbought dip, but any dip is an opportunity to jump into further trades as the outlook is still higher.
The Dow Jones could make a new all-time high by Friday.
If the market does not dip Thursday, it should see profit-taking on Friday ahead of the weekend.
The bias has shifted back to up for stocks but there will be some profit-taking which, as explained is an opportunity to establish more trades for the next move higher.
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