Home Events Agendas Market Action Summary: 11/26/18

Market Action Summary: 11/26/18

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November 26, 2018

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S&P 500 Overview: Direction Uncertain

No signs of new leadership groups/bullish narrative. However, extreme bearish consensus could reverse.
Political backdrop risky amid G-20, Brexit uncertainty, Mexico uncertainty.
Pro-business Republicans marginalized by Trump/Democrats.
Periodicity bearish amid second losing month, worst quarter since 2011.
S&P 500 at risk below 2700 and broken trend line. Also 2815 double-top.
Nasdaq-100 below 7,000.
This week may have sideways consolidation, with danger of breaking October lows. Events in focus.

Big Week for Event Risk

Wednesday pre-market: GDP revision.
Wednesday midday: Powell addresses Economic Club of New York.
Friday: G-20 meeting begins in Buenos Aires, finishes over weekend.
Mexico border crisis starting to impact markets.
But, next week brings ASH biotech conference.

Economic Data Clearly Weakens:

Today: Japan Nov factory PMI hits 2-year low.
Today: German Nov Ifo misses as outlook sours
11/23: November Euro Zone factory PMI lowest since Dec 2014.
11/23: German GDP has 1st sequential contraction since Q1 of 2015.
11/21: October durable goods miss badly as business investment slows.
11/21: U.S. jobless claims rise more than expected to highest level since June.
11/21: Weekly rail traffic lowest since January
11/21: Consumer sentiment revised down, with stock market apparently weighing on higher-income respondents.

Pratl’s Watch List:

Salesforce.com (CRM) reports Tuesday night.
J.M. Smucker (SJM) reports Wednesday, 11/28, pre-market.
Burlington Stores (BURL) reports Wednesday, 11/28, pre-market.
Dick’s Sporting Goods (DKS) reports Wednesday, 11/28, pre-market.
Big Lots (BIG) reports Friday, 11/30, pre-market.

Russell’s Watch List:

WMT holding support around $94.
NEE, AMT: Boring stocks that have outperformed, have little global risk.
ETSY, DECK: Under-the-radar strong names in retail. JWN may fill gap.
AAPL potential hammer today.
@CL may get talked higher into OPEC meeting on Dec. 6.

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