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Halftime Report, Wednesday November 18: Consolidation

|Includes: DIA, IWM, QQQ, SPDR S&P 500 Trust ETF (SPY), XLF

 The markets are still in a consolidation phase so far today. The S&P (NYSEARCA:SPY) and Dow Jones Industrial Average (NYSEARCA:DIA) are relatively neutral. The Nasdaq (QQQQ) and Russell 2000 (NYSEARCA:IWM) are showing relative weakness today. The financials (XLF, RIFIN, BANK) are relatively strong today as a whole.

Intraday, SPY tested support at 111, but is holding above that support right now. Expect major resistance at 111.69 to the upside. Also anticipate fining support at 111 and 110.3 with the next major support area at 110.


I did not make any trades today as I am waiting for this consolidation phase to resolve in one direction or the other. Also, I will not be making the Post Market Analysis tonight because I will be traveling home for Thanksgiving break.

I just found out that I placed second in the Smeal Trading Competition that I participated in last Thursday. That means I will be going to Toronto to compete on behalf of Penn State. I'm pretty excited about that... not gonna lie. Thanks for being a part of! Always trade with a stop loss and manage your risk appropriately.

Happy Trading,