The Dow Jones Industrial Average and other major U.S. stock indexes faded late on Friday, but posted a positive finish for the week and for the month of November.
The Dow Jones Industrial Average (NYSEARCA:DIA) was up fractionally for the week, 0.1 percent and up 3.5 percent for the month. The S&P 500 (NYSEARCA:SPY) added 2.8 percent for November, while the Nasdaq Composite (NYSEARCA:QQQ) gained 3.6 percent for the month. The Russell 2000 small cap index (NYSEARCA:IWM) also gained 3.8 percent for November.
Black Friday sales appeared to be strong and economic reports for the Holiday shortened week were largely positive.
On My Stock Market Radar
In the chart of the Dow below, we can see how the index remains at overbought levels and appears to be losing momentum as a short term top forms near current record levels. Should a correction occur, Fibonacci retracement tools show levels of between 15,300-15,500 as reasonable short term targets. Of course, in this world of QE and never ending rising stock prices, such events are being largely ignored by investors and traders alike.