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Consolidation and Expansions -21 Nov, 2022

Market Outlook – Sideways to grinding lower action seems to be the order of the week prior and this might be the week that we break into a new run. Thanksgiving week can see wide ranges. Remember, the opening range – the close of last week – the high of last week – and realize that if we keep above these zones we are very likely to trend higher.

The red lines are heat maps areas that a lot of volume is moving back and forth- as you can see we are attempting to break above the current range

Here’s the SPY

For the NQ_F there are no heat lines here – no big players fighting battles here

NQ_F

And the associated QQQ

QQQ

The strongest continues to be the YM_F as foreign money flows come into the system

YM

ONCE AGAIN – Remember, the opening range (those first 2min) – the close of last week – the high of last week – and realize that if we keep above these zones we are likely to trend higher.