Historically the days before Thanksgiving and after market rallies.
Last Friday Dow Jones hit the low of 12,471 and closed at 12,588. NASDAQ 100 hit the low of 2494 and closed at 2534.
S&P hit the low of 1343 and closed at 1359.88. The figure of 1359 was mentioned in the last week post that S&P should not close below 1359-1357. So it did not as it went to 1343 but rose upward and closed at 1359.
Looking at Dow Jones and NASDAQ 100 it seems market has put on the bottom on Friday November 16th. However, in the market analysis there is always an ‘if’ and ‘but’. So the ‘but’ here is that even though it looks like the market has put on the bottom there is a probability that S&P will not hold 1359 and even 1343. Rather, S&P could rise to 1370-1375 and then roll down for one more leg down. This down move could take S&P to 1310-1315. This scenario could happen by November 23rd. By the way, on its way down towards 1310-1315 there is a probability that S&P could stop at 1329 as 1329 is the price point where important trend angle is.