Ongoing Melt-Up in Stocks broadening

Technical Strategy Video (Recorded Thursday, November 4th):

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The chart in this report is only accessible to members

Key Takeaways

  • Melt-up in US Stocks continuing to spread to different sectors, with Industrials, Retailing and many Hotels pushing back to new all-time highs
  • Short-term momentum getting overbought; Yet, no evidence of upside exhaustion to indicate an impending reversal. Technical target for late Nov lies near 4765-SPX
  • US Dollar index’s breakout on dovish Bank of England (BOE) decision should put further pressure on Emerging markets and could force precious metals lower

Parabolic surge in SPX now higher over the last 16 of 17 trading sessions. Momentum per RSI has reached the highest levels of the year; Yet, no evidence of exhaustion to expect an imminent reversal. Upside technical targets for $SPX lie near 4765. Evidence of Industrials and REITS joining Discretionary this week back at new all-time highs

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Technical Developments:

Technology largely carried the market Thursday along with Hotels and Retail within Discretionary.Market breadth was negative as more stocks fell than rose and over half the sectors were down on the dayDeMark exhaustion for indices remains premature, and there remains no technical signs of mark...
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