WEEKLY NOTION: Technical Analysis Suggests S&P 500 Rally To Continue As Markets Waver
American equities on the S&P 500 climbed to a fresh record on Friday, amid thin volume during the Thanksgiving holiday weekend. So far, November has been the best month for the SPX since 1950.
The benchmark index climbed +0.25% on the final day of trade for the week, to add 11% of value over the month with just one more trading day to go.
On a percentage basis, the S&P 500 is on track to have its best November since 1928.
SPX Daily
The index completed a pennant on Friday, a continuation pattern suggesting the return move toward the preceding symmetrical triangle may be over and the balance of supply and demand is ready to resume moving higher, though the massive shooting star from Nov 9 has to be cleared to ensure that all supply has been absorbed.
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