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Daily Technical Strategy
Wed, November 20, 2024 | 7:11PM ET
Cycles show NVDA down in December while Natural Gas “Up”
EQUITY TRENDS FROM AUGUST REMAIN BULLISH BUT YET REMAIN LOWER THAN RECENT PEAKS FROM MID-NOVEMBER ON 11/11/24. TUESDAY’S STABILIZATION IS SUGGESTIVE OF A BOUNCE IN US...
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⚡ FlashInsights
Wed, November 20, 2024 | 5:39PM ET
In our view, Thanksgiving rally Intact
- NVDA -1.95% earnings reported
- Whether market happy or sad
- It’s behind us
- Meaning it’s a "clearing event"
⚡ FlashInsights
Wed, November 20, 2024 | 3:17PM ET
NVDA -1.95% reports after the close today
- markets are nervous
- That is a good sign
- AI spending visibility strong
⚡ FlashInsights
Wed, November 20, 2024 | 10:53AM ET
⚡ FlashInsights
Wed, November 20, 2024 | 10:52AM ET
Here's a daily view of SPX structurally, the decline down to 5855 really must hold, as under this level gives way to 5820 down to 5783 to fill the gap from the post-Election surge. At present, one cannot turn bearish on the prospects of a bounce just yet because of the last hour of selling pressure. However, under 5855, that would change and SPX would go down another 30-75 points. At present, that's the area to watch carefully, but a bullish tactical bounce view is still possible and likely with targets initially near 5942, to fill the gap on the upside from Nov 14. As discussed, we remain in a choppy time, which ultimately should be resolved lower into early December regardless of NVDA's earnings. Structurally, momentum and breadth have rolled over and pattern-wise, the short-term technical pattern from 11/11 is not resolved. So key for investors is just to concentrate on 5855, along with the prospects of a bounce starting into Europe's close, mid-day, and then hopefully post close we'll have more evidence to begin to push higher for US Equities into next week.
⚡ FlashInsights
Wed, November 20, 2024 | 10:39AM ET
S&P has retraced between 50% -61.8% of the entire bounce from yesterday's lows, and this area, for those looking for tradable support, looks attractive - 5894-5900 in ES -0.10% _F (S&P December Futures) and the area near yesterday's lows will also be of paramount importance for ^SPX -0.09% which is at 5855. if this area is broken, then this would invite further selling down into Thur/Friday before the bounce into Txgiving gets underway. Early market breadth is around 2/1 negative, with Staples the largest underperforming sector. Technology and Industrials round out the #2 and #3 worst performing this morning, while Energy, Materials, healthcare and Comm. Svcs are all positive. US Dollar is up around +0.50% while TNX is flat on the session.
