Thanksgiving Week Pre-Game Report
Coming in to this week S&P futures opened up at 1360, up 1 point, and it appears that the bulls may keep short-term momentum. If we hold this gap-up, this 2-3 day move should be very easy to trade, with keeping an eye on Friday's lows for the majority of stocks - as those were the lows of the week for many of the major stocks. I suggest being tactical this week until we have a defined trend again.
Coming in to this week I'm still keeping my eyes on the leaders - XME's, XLF's, and XHB's. The opening 60 minutes is going to be telling for the entire week, and my focus will be if the gap-up's hold in those 3 major indices. Additionally, I think it would be imperative to have a test of 136.50 on the SPY's - and prove any questions we have that the market has changed to bullish. If we see any weakness early on Monday it is going to be another rough week.
Some stocks to watch and their levels:
AAPL - To remain bullish it has to hold 525, resistance into 533, 540, and 555.
LNKD - 104 will turn into support, and a key level to hold. 107-109 is also resistance that will get tested Monday.
JCP - still VERY heavy, I'd avoid this unless you are already in and short.
CSCO - announced an acquisition of Meraki for 1.2B today, which will be absolutely huge for them. I think they could print $20 this week. Watch for bull flags as this has already acted well after earnings. Should be easy for tactical day-trades.
ANF - Once it clears $42, it has a gap to fill to $45 - keep this on your watch list
M - $40 is huge support for Macy's, as it appears it is holding higher after this falls sell-off.
HD - 62.43 is resistance as it is the apex of the broadening formation. I like how HD held up last week, it had a rough day on Wednesday, but we've taken back half of that red bar in the last two days.
Z - Zillow had a very interesting week. After getting absolutely destroyed the last two weeks, the 16th proved to show some life on the bullish side, and that there are actually still buyers hanging around. 24.15 is resistance in the short term, and then to 24.65 and $25. On volume we could see Zillow make a big move back to $26.
NKE - Held support this week at $90, which is key coming in to the holiday season. I wouldn't be surprised to see a move to $100 before the first of the year.
Check out some charts we went over on Friday, plus a few more from over the weekend.
Good luck this week, and check back here every night for more in-depth analysis!
The ET Team
Coming in to this week I'm still keeping my eyes on the leaders - XME's, XLF's, and XHB's. The opening 60 minutes is going to be telling for the entire week, and my focus will be if the gap-up's hold in those 3 major indices. Additionally, I think it would be imperative to have a test of 136.50 on the SPY's - and prove any questions we have that the market has changed to bullish. If we see any weakness early on Monday it is going to be another rough week.
Some stocks to watch and their levels:
AAPL - To remain bullish it has to hold 525, resistance into 533, 540, and 555.
LNKD - 104 will turn into support, and a key level to hold. 107-109 is also resistance that will get tested Monday.
JCP - still VERY heavy, I'd avoid this unless you are already in and short.
CSCO - announced an acquisition of Meraki for 1.2B today, which will be absolutely huge for them. I think they could print $20 this week. Watch for bull flags as this has already acted well after earnings. Should be easy for tactical day-trades.
ANF - Once it clears $42, it has a gap to fill to $45 - keep this on your watch list
M - $40 is huge support for Macy's, as it appears it is holding higher after this falls sell-off.
HD - 62.43 is resistance as it is the apex of the broadening formation. I like how HD held up last week, it had a rough day on Wednesday, but we've taken back half of that red bar in the last two days.
Z - Zillow had a very interesting week. After getting absolutely destroyed the last two weeks, the 16th proved to show some life on the bullish side, and that there are actually still buyers hanging around. 24.15 is resistance in the short term, and then to 24.65 and $25. On volume we could see Zillow make a big move back to $26.
NKE - Held support this week at $90, which is key coming in to the holiday season. I wouldn't be surprised to see a move to $100 before the first of the year.
Check out some charts we went over on Friday, plus a few more from over the weekend.
Good luck this week, and check back here every night for more in-depth analysis!
The ET Team