Market update & Focuslist - 11/28
Evening Market Update & Strategic Insights
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MARKET ANALYSIS
Clearly more digestion was needed with Wed's action, but I remain focused on the broader market despite the tech/semis weakness showed by a still solid trend above all kma's on SPX/RSP. Breadth is still expending with MCSI firmly up and price above all trending kma's. We were expecting that digestion, it's all good and normal so far.
Market Model #PTMM
S&P500 (RSP)
NASDAQ (QQQE)
Market Internals
Below all kma’s
Credit Spreads are one of my top internal indicator. And once again plays out well on this market digestion. Good rejection of the kma's, and could set up a nice bounce in the market Friday morning. I like what I see and that is giving me some confidence into the close, and potentiallly carry more exposure even into holiday with that look.
Rejection & downside reversal follow through. Very constructive action.
Uptrend - Above all kma’s.
First 21dma undercut for the first time of this uptrend.
US dollar index (DXY)
Uptrend - Above all kma’s.
Right at the 21dma…will it hold or break like the Yields?
/BTC (Bitcoin)
Uptrend - Above all kma’s.
Looking very good for a continuation breakout here.
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Sector breakdowns, focus setups with alert levels, fresh scans, my latest portfolio moves, and a look at the week ahead.
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