Stocks fell on Monday as traders booked some profits given the historically strong gains logged in November.

The Dow dropped 271.73 points, or 0.9%, to close at 29,638.64. The S&P 500 slid 0.5% to 3,621.63, and the Nasdaq Composite closed lower by 0.1% at 12,198.74.

Energy led the way lower in the S&P 500, losing 5.4% for its worst day since June 24.

As promising vaccine developments boosted confidence of a smooth economic re-opening, the S&P 500 and the Nasdaq climbed 10.8% and 11.8%, respectively, in November, their biggest monthly advances since April.

Plan A : Short if market failed to support above 3637. Targets are 3612, 3586 and 3560.

Plan B : Long if market retraced but supported firm above 3637. Targets are 3652, 3670 and 3685.  
 

U.S. stock futures rose on Monday night after the major averages notched sharp monthly gains for November.

November’s rally came amid a slew of positive coronavirus vaccine news, which lifted hope of a strong economic recovery and sparked a surge in beaten-down value names. 

“Vaccine news has further buoyed spirits with several therapeutic/preventative lights now at the end of the pandemic tunnel being another set of positive data points,” wrote Tobias Levkovich, chief U.S. equity strategist at Citi. However, he added investors may be getting too complacent about the risks the market still faces.

Meanwhile, Federal Reserve Chairman Jerome Powell called the U.S. economic outlook “extraordinarily uncertain.”

“The rise in new COVID-19 cases, both here and abroad, is concerning and could prove challenging for the next few months,” Powell said in prepared remarks. “A full economic recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities.”

Plan A : Long if market doesn't retrace much and supported firm above 12292. Targets are 12320, 12355 and 12387.

Plan B : Short if market failed to support above 12292. Targets are 12250, 12213 and 12168.
 

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Plan A : Remain buy as long as oil price trades firmly above 44.2. Targets are 45.4 and 46.2    

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