The action today helps to negate the ugly drop yesterday and closed right around the 20 day moving average on the SPY.  Things look much better, but thin trading around the holidays is generally positive and can produce some surprises. We have had quite a bit of volatility lately, and there may be more negatives out of Europe, Korea and China while we enjoy our turkey and stuffing.  Friday after Thanksgiving is generally positive but hard to say after this big run up. The S&P 500 is still below key resistance at 1200.   If we do break out early Friday we will likely be challenging the 61.8% retrace of the decline slightly below SPY 121.  We may not get very far as the following Monday had being statistically bearish, but the continuous POMO action had altered a lot of reliable patterns.  Happy Thanksgiving.

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