SPX, NDX, IWM Notes For 17th November 2023

Ryan_Z0528
2023-11-17

$S&P 500(.SPX)$

The day ended with an invalidation of the shooting star seen on Wednesday, the candle is neutral, worth noting that when price bounced at the 5 DMA.

$Cboe Volatility Index(VIX)$ and $USD/CNH(USDCNH.FOREX)$ look bouncy, a red morning is possible for indexes, but either bull or bear case have to be confirmed as follows:

$NASDAQ 100(NDX)$ : The close looks more bullish, $Micro 10-Year Yield - main 2311(10Ymain)$ doesn’t look bouncy so a red continuation may favor the indexes. Bull or bear case need confirmation:

$iShares Russell 2000 ETF(IWM)$ : Validated the reversal candle with a red day, however there was support at 5DMA area. It that line is not broken, there may be a recovery.

Are the indexes overbought?

Yes, for the Daily timeframe, not for the Weekly one. A pullback should happen, but all of them must break a basic line, the 5DMA, otherwise the very short term uptrend is still in play.

Have a good one.

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Comments

  • BillyWilliams
    2023-11-19
    BillyWilliams

    We may end 2023 at all time highs, buy the pullback and enjoy the ride. Have a great weekend!

  • HarryCox
    2023-11-17
    HarryCox

    Markets should rally into Thanksgiving unless Nvidia kills the "turkey" !

  • jaffer
    2023-11-19
    jaffer
    Great ariticle, would you like to share it?
  • Oasisfaith
    2023-11-19
    Oasisfaith

    Great ariticle, would you like to share it?

  • Sonsonkok
    2023-11-19
    Sonsonkok

    Great ariticle, would you like to share it?

  • KSR
    2023-11-19
    KSR
    👍
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