The market did really nothing today, VERY light volume because of Thanksgiving being tomorrow, and a very small trading range. I am more bearishly inclined right now because of the weakness I have seen in individual sectors/stocks and the fact we are still in a downtrend. The chart above shows the area I am looking to possibly short the market because that is the trendline that has been tested multiple times during this downtrend. The QQQ's are at the top of this their trendline right now (because they are the weakest index) but I do not feel as comfortable shorting now (today) because of the fact that SPY and DIA is not near the top of the trendline. When they (SPY and DIA) are a tad closer to the top of the trendline I will be all short. If I had to guess, I say we get another flush down, and then we need to reassess from there.
Apple held in there but volume is really nothing. It looks like it can go higher because of how the descending trendline is really far away, I do not think this one is strong yet though. It needs some time.
Same goes for Google except the trendline is a lot closer to the price (compared to AAPL) so, if I were to play Google.. I really wouldn't. There is not much there. I would wait for it to get over the recent downtrend.
The banks ($XLF) want higher. It held in the upper part of it's range today and looks like it wants to continue. I like it. If I had to be in something, I would be in the banks and the homebuilders ($XHB).
I am sorry if this Daily Analysis sounds a bit rushed with a lack of detail.. My family is having their Thanksgiving dinner tonight so I have to go!
Have a HAPPY THANKSGIVING. You should be