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Market Analysis For Week of November 22, 2021 [Premium Articles]

Market analysis for week of November 22, 2021. The analysis focuses on major market indexes, ETFs, commodities and forex. Access to full article requires Premium Articles subscription or All in One subscription.

U.S. Securities Exchanges will be closed on Thursday, November 25, 2021. In addition, on Friday, November 26, many securities exchanges will be closing early.

Report contents

  1. Weekly summary and recap.
  2. Analysis of major indexes.
  3. Popular ETFs.
  4. Commodity ETFs.
  5. Spot currency pairs.
  6. Markets to Watch.

1. Weekly summary and recap

  • U.S. stocks were mixed on the week.
  • High beta large caps and small caps fell.
  • Bond prices were higher and yields fell.
  • Commodities were lower on the week.
  • Gold was slightly lower but crude oil tumbled.
  • The U.S. dollar index gained for a fourth week in a row.

Recap (November 15, 2021 – November 19, 2021)

Large caps (S&P 500) rose 0.3% and tech stocks (NASDAQ-100) gained 2.3%. The Dow 30 shed 1.4%. Small caps (Russell 2000) fell 2.8%. High beta large caps dropped 1.5% on the week. Bond prices rose and yields fell. Crude oil spot delivery tumbled by 6%. Gold was little changed while the U.S. dollar index gained 0.9%. The CRB index fell 0.9%. Year-to-date crude oil is up 57.4% followed by CRB index with 40.1% gain. Treasury Bond Total Return is down -2.1% followed by gold at -1.6%. Nasdaq-100 is overbought for two days in a row.

2. Analysis of major indexes

The S&P 500 index gained 0.3% to close at 4697.96 for the week.

Large cap stocks recovered from small loss of the previous week and the S&P 500 made new all-time closing highs in the weekly timeframe. Momentum was waned as indicated by weekly PAL OB/OS indicator and is diverging from price. A reversal of momentum to the upside from these levels is possible but highly unlikely before a small correction. Below is an interesting indicator that may provide some clues about price action in the next few weeks.

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Specific disclaimer: This report includes charts that may reference price target levels determined by technical and/or quantitative analysis. No updates to charts will be provided if market condition changes occur that affect the levels on the charts and/or any analysis based on them. All charts in this report are for informational purposes only. See the disclaimer for more information.

Disclaimer:  No part of the analysis in this blog constitutes a trade recommendation. The past performance of any trading system or methodology is not necessarily indicative of future results. Read the full disclaimer here.

Charting and backtesting program: Amibroker. Data provider: Norgate Data

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