Stock market closed higher on Thanksgiving week

The stock market continue its bullish movement and closed the week higher. There is no single bearish candle this week as traders optimistic December will be the start of new rally. On 1st December, the Fed will stop their QT and 10th December will be the day the Fed decide on interest-rate. Movement might be limited nearing the events and traders will use bearish correction in the stock market as chance to accumulate long positions for now.

Dow Jones Industrial Average (INDU)

DJIA index extended the bullish movement and soon will reach the previous swing high. The index has not shown any weakness this week after more indication that rate-cut will happen in December. We maintain bullish outlook on the index and will wait for new higher swing high to confirm the continuation of bullish trend.

Cloudflare, Inc (NET)

NET share prices bearish correction has reached the Fibonacci 38.2% – 50% area also near the daily SMA 200. There is bounce reactions and the share prices might test the daily SMA 100 soon. If there is another bearish correction attempt, then traders could wait near the daily SMA 200 and the 38.2% – 50% area for a chance to enter long positions.