All three majors closed above upper resistance levels and into new highs. The INDU, S&P and Nasdaq closed above the major levels of 19,000, 2,200 and 5,300, respectively. This surge appears to be a continuation from the election results as we move towards this week's holiday.
The markets will be closed on Thursday, followed by a half day on Friday. This leaves the markets with just 1½ days left in trading this week. All three markets look a little overextended here and a pullback or correction should be expected from these levels. However, we might not see anything significant until after the holiday weekend.
Market volume typically dries up by mid-day on the Wednesday before Thanksgiving and then doesn't return until the following Monday. So, we will not be running a Mid-Week Update class tomorrow or writing an End of Day Post this Thursday.
Have a happy and safe Thanksgiving – we will see you on Sunday's Trading Room!
Have a great night,
Your Maverick Trading Team
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