11/29/2020 Stocks up this week as predicted – still looking like more upside in the near term. Discussion of SPY, XLE, and XLF.

Stocks were up this week on low volume due to the market being open only 3.5 days this week. I suspect we continue higher since we are holding the breakout level without any signs of a pullback.

SPY weekly chart below:

Another reason why I think markets are bound to go higher is because the weaker sectors within the SPY – XLE and XLF (Energy and Financials respectively) have been outperforming.

XLE and XLF weekly charts below:

Let’s see if we get any sort of pullback this week. I think it’s still more likely we go up.

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