Bounce in breadth, but Large-cap Technology continues to lag Array ( [cookie] => 88f86a-bc2148-6126f9-f188f7-b09cf2 [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 1 [max_usage_crypto] => 1 [lock] => 1 [message] => [error] => [active_member] => 1 [subscriber] => 0 [role] => fsi_pro [visitor_id] => 556868 [reason] => [method] => ) 1
I’d like to wish a Happy Thanksgiving and/or Holiday period to all. Have a happy, healthy and fantastic time with family, friends and/or relatives. I’ll be away until next Monday. There will be no technical publications nor videos after today until next Monday, 12/2/24.
Equity trends from August remain bullish, but yet there’s been some noticeable divergence that’s cropped up when viewing QQQ vs. the Equal-weighted SPX in recent weeks. Monday brought about some cross-asset volatility in Interest rates, commodities, and also Currencies, which makes keeping a close eye on the Equity trends important this week, given recent divergences. Key Technology stocks like NVDA broke down on Monday under $137, and the divergences in stocks like NVDA, AAPL, MSFT, and GOOGL vs. the regular market look to be important to watch carefully. Thus far, none of the underperformance from large-cap Technology has adversely affected SPX or QQQ, though Overall, I’m expecting a coming trend reversal, but it doesn’t look proper to emphasize this until prices begin to show some technical damage. Weakness in early December lines up with cyclical composites, but until trends are violated, it makes sense just to keep a close eye on the existing uptrend.
SPX should find ample resistance near channel highs near 6100
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