Hey Market Pilot,
We got a little fireworks show in the market to start Thanksgiving week. With Monday and Tuesday being volatile and hammering to the downside, support was found near the daily 21 exponential moving average (EMA) and the fear has subsided going into the actual holiday.
We aren’t out of the woods yet, however. The Moxie Indicator™ is still trending down and below the zero line and the SPY price (pictured below) is below the hourly 50 simple moving average (SMA). This is negative for now and at best indicates the markets need to flag longer. Otherwise, a pullback lower to more major support is brewing and I would welcome that as a good test.
Thursday the markets are closed for Thanksgiving so go enjoy the time away from the screens. Hang out with family, friends, or your hobby and come back refreshed. Friday is a short day, and while you can trade, I doubt much will be going on since most other traders will also be taking it as a bit of a vacation opportunity.
-Your Profit Pilot, TG
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