Weekly market focus, Nov 2

XJO Weekly Nov 2

Weekly chart for XJO

Daily chart for XJO

The anticipated bounce after the negativity of the previous week failed to materialize. Trading was flat probably due to lack of direction earlier in the week, after the NYSE was closed as Hurricane Sandy lashed the East Coast of the US. Support at 4450 held, but the “gravestone Doji” appearance for the week and for today (Friday Nov 2) suggests that buyers are holding back from bidding stocks higher at present. The price action for the week remained below trendline support. It is possible that after 4 months of trending, that the XJO could  move sideways in a trading range. It may be that we need more positive economic news to stimulate the market to resume trending.

Categories: Trading opinion, Uncategorized


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