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Look To NASDAQ, NASDAQ 100 To Be Today's Primary Chargers

Published 11/24/2017, 12:07 AM
Updated 07/09/2023, 06:31 AM

Thanksgiving Wednesday was never going to generate an exciting day but it was good to see early week gains retained. Upcoming Thanksgiving Friday is typically a day when Junior traders go wild and decent gains are posted - even if trading volume is light. With last week's lead action I wouldn't be surprised if this pattern was to repeat.

Tech Indices have been leading the charge in recent days and I would look to the NASDAQ and NASDAQ 100 to be the primary chargers on Friday. Technicals are firmly in the green.

COMPQ Daily

The NASDAQ 100 is a little weaker technically with the MACD trigger 'sell' still in play but given it's on the verge of a new 'buy' trigger it's still an attractive trading opportunity.

NDX Daily

The S&P posted minor losses but is knocking on the door of new highs. It's still a few days from a new MACD trigger 'buy' but should this occur then look for a new wave of buying.

SPX Daily

The Russell 2000 has enjoyed a very strong run of form but it may be a little stretched to keep this going on into Friday. Technicals are all net green so should this ease back into next week I would look at it as a buying opportunity - a retest of the 50-day MA would be ideal in this regard.

RUT Daily

Friday could be short-but-sweet day of low volume buying. A feel-good Turkey blitz should be the order of the day given prior bullish action.

Latest comments

Let's hope you are correct. I can't help but notice the decrease in volume up here, but that could just be the fact that it's a holiday.
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