As we head into the Thanksgiving holiday here in the U.S., we cannot help but think how grateful we are in the midst of so much stress.
For starters, we are grateful to you – our folks who publish and post our daily, plus our readers, members, followers and supporters. Not to mention, our incredible team here at MarketGauge. Thank you from the bottom of our hearts!
Secondly, we are thankful for a stock market that has given us so many opportunities.
This year – beginning with the move to bonds through the pandemic, then into gold and silver after the nadir, and now, more recently, heavily into food commodities and equities – we have booked profits in most of our positions. We have had an amazing year and are now sitting with mainly winners and a miniscule amount of risk.
This is an excellent way to look towards the new year, as more positive news comes out and the country seems on track to make a strong recovery.
We are also fortunate to have our Economic Modern Family consisting of Granddad Russell 2000, Transportation (IYT), Granny Retail (XRT), Regional Banks (KRE), Brother Biotechnology (IBB) and Sister Semiconductors (SMH), plus our newest member Crypto (BTC). They have helped us navigate the highly volatile market, leading us into the strongest sectors while showing us which areas are lagging or weakening.
The steady hand of the Family has given us a way to visualize and humanize the complexities of the economy and how that impacts the market. We hope you have enjoyed them as much as we have.
When we return on Monday, we will be assessing retail sales on the biggest shopping weekend during a pandemic as we watch Granny, old and reliable, become the new leading indicator for the end of 2020 and into 2021. We will watch the US dollar, still under pressure, and the relationship between supply and demand for continuing signs of inevitable inflation.
Finally, we will be continuing to roll out our analysis, recommendations and education.
Thank you all so very much. From our family to yours – HAPPY THANKSGIVING!
Please note, this is the last Daily until Monday Afternoon.
- S&P 500 (SPY): Needs to clear 364.38. 354.15 support
- Russell 2000 (IWM): Support from the 10-DMA at 176.80
- Dow (DIA): While it broke 300, it still needs to clear and hold
- Nasdaq (QQQ): 300 key to clear with 288.00 support
- KRE (Regional Banks): 52.79 200-week moving average to clear next. Support at 48
- SMH (Semiconductors): Support 196.60
- IYT (Transportation): 218 support the 10-DMA
- IBB (Biotechnology): 137.14 support the 50-DMA and 143.36 resistance; needs to clear the 10-DMA next at 139.36
- XRT (Retail): 56.72 support
Mish Schneider
MarketGauge.com
Director of Trading Research and Education
Forrest Crist-Ruiz
MarketGauge.com
Assistant Director of Trading Research and Education