It was a quite weekend in terms of market moving events, except for a few commentators debating the hot new topic of inflation, states Ian Murphy of MurphyTrading.com.
We can expect to see the subject debated to death over the coming months as central bankers unwind stimulus and contemplate interest rate increases.
In terms of trading, the Micro E-Mini position in the Help Strategy is still open and chugging slowly upwards with each passing day. The entry on October 14 (pink arrow) looks wise in the rear-view mirror, but at the time of entry it appeared risky. This is normal, because the moment of maximum risk frequently offers the greatest reward.
The weekly chart on the left above shows a perfect pullback to the 21EMA (white line) before the index rallied to new highs. These five contracts will expire on December 17 and if we are still in, they will have to be rolled on or before that date (right above).
This will be a shortened trading week for US equities, as Americans celebrate Thanksgiving day on Thursday and markets close early on Friday as shown above.
Learn more about Ian Murphy at MurphyTrading.com.