Thanksgiving bull market called off?

Thanksgiving bull market called off?

Maybe the Thanksgiving week will not be so joyful on the Stock market this year.

Yesterday the US Stock market started out bright only for Sellers to take control shortly after the opening bell. Buyers tried to lift Nasdaq 100 above the upper rising trend line but couldn’t hold it.
A big bearish Engulfing candle yesterday formed under heavy volume on Nasdaq 100 taking out the previous two day’s of positive trading closing below Thursday open.
We now have RSI divergence confirmed on RSI and MACD which indicates further sell-offs can be seen next few days. 
To reverse the correction picture a close above yesterdays’ high is needed.
Support at 15.950 can be tested.

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S&P 500 peaked within few cents from the upper rising trend line the possible target I mentioned yesterday at 4.755. We should expect more selling pressure. Support at 4.630. A close below could fuel further sell-offs down to around 4.551

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Kim Cramer Larsson

Kim Cramer Larsson started his career in 1996 as an equities trader focusing on the US and Asian markets with BG Bank, London. In 1997, Kim relocated to BG Bank, Copenhagen (BG Bank was acquired by Danske Bank in 2000) to the position of equities trader and portfolio manager. 

Kim began using technical analysis as a trading tool from 1997. In 2005, Kim was promoted to the position of technical analyst in the FX & Fixed Income Research department at Danske Bank. In his current role, Larsson focuses on technical analysis of equities, equity indexes, forex pairs, and more for Saxo Bank. Larsson’s views and analyses can be found on Saxo’s News & Research hub as well as at Saxo’s Academy where he hosts webinars focusing on chart analysis.