DJIA has a fair track record over the last 31 years, rising 20 times the week before Thanksgiving (November 18-22) with an average gain of 0.44% in all years. But the other major U.S. stock market benchmarks are not as strong and there has been more weakness the past seven years. Since 2017, DJIA has advanced just once during the week before Thanksgiving.
Over the last 31 years, S&P 500 and NASDAQ have the same record, up 18 times, with similar average gains of 0.20% and 0.23% respectively. Russell 2000 has been the weakest, up 16 times with an average gain of 0.08%. Last year, the week before Thanksgiving, enjoyed solid across-the-board gains as the market recovered from a correction.
Should weakness materialize next week, it may be a solid set up for the Thanksgiving trade of buying into weakness the week before Thanksgiving and selling into strength around the holiday and/or during typical November end-of-month strength.
Should weakness materialize next week, it may be a solid set up for the Thanksgiving trade of buying into weakness the week before Thanksgiving and selling into strength around the holiday and/or during typical November end-of-month strength.
Quoted from:
Jeffrey A. Hirsch (November 15, 2024) - Week before Thanksgiving DJIA Up 20 of 31, But Down 6 of last 7.
Jeffrey A. Hirsch (November 15, 2024) - Week before Thanksgiving DJIA Up 20 of 31, But Down 6 of last 7.