stock-market-outlook-intraday-midday

Historically, the first two trading days of Thanksgiving week have always been weaker. There are a number of analysts who believe that investors should buy into the weakness and then sell out on the Wednesday and on the Friday of the same week.

If we look at the current selling many stocks are sitting either at or just above their support levels. If we look at volume there are indications that the selling, some of which is linked to tax selling which is typical for this week, is slowing.

New York Stats:

The S&P fell to 4652 which is just above the 4650 support level. This marks a temporary pullback.

Volume is lighter at 2.4 billion shares traded which is a good sign for bulls.

New lows though are at 153 while new highs are just 43, but that is also typical for a dip.

The volume is almost equally split with 48% to the upside and 51% to the downside.

NASDAQ Stats

Volume is heavier on the NASDAQ with 3.2 billion shares traded. New lows are a concern as they are at 462 into the lunch hour. New highs are 70.

The selling is still heaviest in the NASDAQ.

Advancing stocks are at 31% while declining stocks are at 60%.

But 42% of all volume is buying while 56% are selling. This is better than yesterday at the close so we will have to see what the afternoon brings.

Outlook:

The S&P is advising that a lot of investors are not selling. The NASDAQ indicates buyers are picking through downtrodden names but there could be a bit more selling before a bounce. New lows at 462 is getting near an oversold signal which is often followed by a bounce. The day will end negative and we could see another sell-off into the close.
TSX Composite Index – Canadian Stock Market Outlook
For those who follow the smaller Canadian Market, the TSX is just fine as it is down only 23 points and still looks steady to stay above 21,000. It is presently at 21,396.
Volume is average at 234 million shares traded and 54% of volume is buying with 42% selling.
30% of stocks are rising while 56% are falling.
Canadian bank stocks are continuing to do well and they comprise about 25% of the entire TSX. CNR stock is up half a percent to $165.20.
Most major energy stocks are also rising on the TSX with Suncor up 2.6% to $33.00.  For Dec 17 expiry I have sold the $28 put strike.
The outlook remains neutral to bullish for the TSX Composite Index. The day will probably end lower but there are signs that the market will move higher into the year end.


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