Stocks trended lower pre-market, started lower but then rebounded to just after 11:00ET. Then the last half of the session stocks backtracked. That left the indices all lower except RUTX as the small and midcaps and even SOX were relative strength leaders. In this climate, however, that doesn't mean a lot.
SP500 -17.37, -0.66%
NASDAQ -33.27, -0.48%
DJ30 -178.74, -0.73%
NASDAQ 100 -0.73%
The indices changed little, still well down in their selling, still hanging around the October lows. Many were looking for the test, they got the test, but no bounces yet.
Growth saw some modest gains. DATA, VRSN, MCHP, XLNX moved up, but there was just not enough push on the half session for tech to really take over.
At the same time, the recent leaders in food, drugs, personal products continued to test, but look very good at near support. If they are going to continue their uptrends, this is the likely point they launch.
Thus, you have some growth with interesting action but not launching a bounce, and the more stoic, basics stocks (food, drugs, personal care) set up well to continue their uptrends. Positives for next week, and we will of course look at many of the recent leaders as support to pick up as they bounce.
As for Black Friday, MasterCard reports sales +2B from 2017 BG. Store traffic increases in some areas but others reporting the same as 2017. It will be a strong year, but the retailers suffered another tough session.
Oil: 50.99, -3.64.
Bonds: 3.048% vs 3.065% 10 year
Jon Johnson, Chief Market Strategist
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