According to the Wall Street Bets (WSB) of Reddit we are going to see Dow Jones Industrial Index (Indexdjx: .DJI) going up after a one month rally. Seems like CNBC is not of a similar opinion.
“Bad news my fellow bears, we’re headed a lot higher next week. The same exact top for both bear rallies is likely to repeat itself”-noted Redditor that goes by ErectoPeertrounus.
He then posted following image where he sees doomsday wins in front of us.
Wall Street posted modest gains on Friday. The Nasdaq exchanges , which are predominantly stocked with technology stocks, remained stable. It was therefore not possible to break out of the sideways movement that had been going on for a week. The rally that started in mid-October is still faltering and equity markets lack clear direction.
The Dow Jones Industrial Index ended up 0.59 percent at 33,745.69 points, flat from a week ago. In the four weeks before, the best-known Wall Street index had soared by almost 20 percent in total.
The S&P 500 closed 0.48 percent higher at 3,965.34 points on Friday. The Nasdaq 100 remained at the previous day’s level at 11,677.02 points. On a weekly basis, this means a loss of 1.2 percent. The previous rally had given it a plus of 15 percent at its peak since the low in mid-October.
The week before, the US stock exchanges had been particularly driven by the easing of inflationary pressure in the US. There was hope that the Fed might soon be less aggressive in tightening interest rates. Since then, however, an increasing number of Fed members have spoken out whose comments contradict such expectations.
How will stock market perfom on November 21st no one knows right now, but as Ploopy10 of WSB said in the comments below that image:-“So if these crayons are correct, except a decline around end of DEC-early JAN?”.
