Will the Thanksgiving Rally Continue?

Will the Thanksgiving Rally Continue?

(11/28/22) Markets rallied nicely in a holiday-shortened trading week with very light volume.

Wednesday's release of the FOMC meeting minutes suggested the Fed would be reducing the pace of its interest rate hikes moving into next year.

Markets continue in a very nicely defined uptrend.

The 200-DMA will become a key level of resistance, keeping pressure on prices.

Markets are getting over bought.

The MACD Buy signal is getting over extended; any upside could be limited without some correctional process.

Bullishly, the 20-DMA has crossed the 50-DMA.

Keep in mind, as we approach the beginning of the year, January has the most inflows of any month of the year, thanks for contributions to 529's, 401k's, and IRA's, and that typically tends to give markets a lift.