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Weekly US market review for 30.11 - 07.12
The main US indices showed first a strong fall and then a strong rebound to the upside during the week. As a result, they did not change much. Technically, this pattern is called a bullish reversal and is usually followed by a continuation of the rally.
The reason for the fall was the need to relieve investors from excessive purchases. The market has not been in a proper correction for a long time and Thanksgiving was an opportune occasion. The S&P500 index fell to its 50-day average and then started a new rally. During the week there was negative news on the risks from the new Covid strain, Omicron. But there was some positive information too, e.g. the employment report showed a fall in unemployment to 4.2% in November. Manufacturing and service PMI were very strong.
Weekly indices:
The Dow is trading in the 35,020 - 35,230 range. It added 210 points or 0.6%.
The NASDAQ is staying in the 15,720 - 15,220 range. The index lost 500 points or 3%.
The S&P500 is trading in the range of 4,570 - 4,590. It gained 20 points or 0.4%.
Outlook:
The Dow is likely to stay in the range of 35,000 - 35,500
The NASDAQ is likely to remain in the range of 15,000 - 15,500
The S&P500 is expected to be in the 4,550–4,650 range.
The market is waiting for a new inflation report for November. Inflation is likely to remain at high levels. The Fed has started to prepare the market for a policy tightening. There are reports of an early cut in the economic stimulus program in March rather than in June as previously expected.
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