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A Rising Tide Lifts All Ships
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Market State 1 (Bullish)- The Market, as measured by the S&P 500 remains in Market State 1 following last week’s short week, since Thursday was Thanksgiving. Most new market highs are put in while in Market State 1. Since most highs occur during Market State 1, many pullbacks off of highs also begin during Market State 1.
Canterbury Volatility Index (CVI)- CVI 51: Volatility, as measured by the Canterbury Volatility Index, continues to decline. As we have mentioned in weeks past, short-term volatility (a 10-day CVI) continues to decline into extreme low territory. As volatility is squeezed down, it could release some pent-up pressure in the form of an outlier day. There is no telling when, or the extent (up or down) of the outlier day, but the probabilities of seeing some sort of spike in volatility are higher than normal.
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