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With the FOMC and the election behind us, the markets are poised to perhaps dip slightly after a very strong week. Thursday marked the third strong gap up day in a row for both the SPY and QQQs. Both indexes were initially rejected at their next major areas of resistance, and could be in the process of forming double tops on their daily charts.
For long biased swing traders, the almost 10% move in the SPY so far this week removes much of the long side value. We’d look for a second run at those resistance levels as soon as next week, but be cautious in case a pullback gives us more entry opportunities.
The airlines and banks have been waking up a bit over the last couple of sessions, and would likely be forefront on any resumption of stimulus packages in a lame duck congress.