Novemeber is tracking the seasonal patterns very closely. We still expect a mild pullback early next week, but from then on we are likely to see post-Thanksgiving gains. Early December can be disappointing for bullish traders, but as Christmas approaches the bulls come back to the parade.
We noted previously that the market would likely work its way higher in the first few weeks of September. Now momentum appears to be fading short of previous all-time highs. With the Fed’s interest rate cut behind us, future price increases need support from alleviating trade issues and more interest rate cuts. Neither of those factors exist yet.