Week of 11/14-11/18 CPI Report Bull Rally finds resistance

Major Averages closed slightly higher Friday 11/18 afternoon after a volatile week of reports and earnings. The S&P 500 closed at 396.5 which is basically flat for the week after it found resistance at the 400 level. Home sales fell for the ninth straight month in a row as high interest rates keep surging and inflation keep buyers waiting. Mortgage rates are at 6.65% and expected to climb if policy continues to remain strong due to rising inflation. Investors are waiting for the Fed's next move in December which could indicate softening in interest rate hikes and potential signs of decreasing inflation. In other news, Donald Trump announced his presidential bid for 2024 and cryptocurrency exchange FTX falls as CEO Sam Bankman-Fried steps down. Twitter's mass resignation of 1,200 employees has Elon Musk in the spotlight of the public eye. Tesla stock price now under 180dlls reaching its 2 year low, has not reacted well to the Twitter acquisition and the selling of shares from Elon Musk. Amazon and Facebook are also having trouble with layoffs which can only indicate a red flag for investors to not have all their eggs in one basket. We will be following the stock market action next week and remember that we have a short trading week coming up due to the Thanksgiving Holiday. Markets will be closed on Thursday 11/24 and open on Friday 11/25 with an early close at 1PM EST.