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11.17.22 – THURSDAY MARKET OUTLOOK

Market Outlook
 

Today the market participants jumped ship overnight, and the markets opened 1.3% lower. But that was it. From there, big money started piling up, and the markets went higher. We are seeing a classic consolidation pattern after an almost 6% rally last week, which is a very bullish sign. For it to invalidate as a consolidation, we need to go significantly lower, and it has not happened yet. There is a good chance we will chop around for a while and then push higher to attempt to break above the 200-day MA. The VIX is in a strong contango indicating traders are buying calls than puts. Tomorrow, we may see another possibly up-opening and drifting lower.

 
Market Outlook
 

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