We had a nasty selling week in the markets last week. As the 200 DMA was broken on the downside, the markets didn't look back.
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| We can see here that the S&P500 had strong selling activity |
As we move into the shortened week due to Thanksgiving, some important things which are happening to take note of on the calendar are the release of existing home sales data, housing market index, housing starts, and most important which is jobless claims. Fed Chairman Ben Bernanke is set to speak at the Economic Club of NY which can potentially move the markets. Renewed conflicts in Israel and the Gaza strip along with the fiscal cliff uncertainty in the United States make it tough for the market to find direction.
Thus, this is an important week which can decide the fate of the economy and the markets while politicians battle among the possible fiscal future.
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