I was expecting a bit more of a flat close on Monday but overall the day’s action was supportive of the bulls. All day the S&P held the 2200 level and dips were quickly being bought by investors. Overall the day was primarily profit-taking which is understandable following the strong rally for November.
S&P Index Close
The S&P index lost 11.63 points to close at 2201.72.
Dow Jones Index
The Dow Jones lost 54.24 points to end the day at 19,097.90.
NASDAQ Index Close
The NASDAQ fell 30.11 points to close at 5,368.81..
Stock Market Outlook
Chart Comments At The Close:
SPX Nov 28 2016
The S&P ended Monday just above 2200. 2195 is not support but it is a level the market has tested twice and it needs to stay above that level to keep the rally moving, otherwise it risks falling back to 2180 which would be below the August high. This would create more weakness for the S&P.
The closing candlestick on Monday is bearish for Tuesday however a drop on Monday was expected, especially after the strong rally so far in November and the markets on Friday closing at their highs for the day. Today’s dip is typical of a market that set a new high. Overall the chart pattern remains bullish.
Stock Market Outlook for Tomorrow – Nov 29 2016
For the second last day of November, the S&P should remain weak but the bias is till to the upside. As long as energy futures don’t fall too far on Tuesday, the S&P should end the day higher.
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