US dollar rose 1.45% last week thereby pushing equities, yields and gold further downwards. Retail sales, Industrial production and leading indicators showed strength. Consumer price inflation falls on lower energy costs. So US economic indicators are showing improvements.
However markets are at the mercy of the situation in Europe. Many governments are toppling the recent one being Spain - now replaced with People's party. The heads of governments in Greece and Italy are replaced by non-elected persons who are influential in US fed, ECB and BOE. So the motives of their actions will have to be taken into consideration.
Technically, the SP500 broke below the triangle formation which can be bearish. Also the price action as evidenced by MACD has been looking bearish in the intermediate term.
Generally the thanksgiving week will be low volume trading and usually positive. Lets see what the retailers will have to say after the black friday sales..
Last week's (week over week) market Sectors Returns and Internals: