The markets closed higher for a second day in a row, as we look to be bouncing off of lower support. The markets took a hard turn down on Thursday and Friday last week, just a day after the FOMC raised interest rates. We were expecting a bearish reaction to an interest rate hike; however, it is unclear on how far or long it would go. With only one trading day left in the week, we don’t anticipate much more from these markets.
Support looks to be holding this week. After Friday’s volume spike, we should see volatility slow down through the end of the year. We expect the markets to float back into their respective ranges as the year comes to a close, so don’t expect too many directional trading opportunities in the short-term. Enjoy your family and friends this weekend, and keep your trading activity light over the holidays.
Have a great night,
Maverick Trading
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