The $S&P 500(.SPX)$ has recovered further from the October low and is now approaching the previous highs of July. There is even hope of breaking through the historical high from 2022?
However, the RSI index indicates that the $S&P 500(.SPX)$ has now reached overbought levels. The index stands at 87.2 on November 20, 2023.
Notes:
The Relative Strength Index (RSI) is a momentum indicator that measures the speed and magnitude of price changes.
RSI is generally considered overbought when above 70 and oversold when below 30.
As far as market analysis and trading signals are concerned, when the RSI breaks above the 30 reference level, it is considered a bullish indicator. On the contrary, when the RSI falls below the 70 reference level, it is considered a bearish signal.
Since some assets are more volatile and move faster than others, values of 80 and 20 are also commonly used for overbought and oversold assets.
From a technical perspective, the US equity market has completed a flip-long structure and there is indeed a need to go back to the MA60 after reaching a top and fill the gaps.
Now questions for you, let’s chat：
Do you think the $S&P 500(.SPX)$ will succeed in breaking through the previous high this week? Yes or no?
When do you think the $S&P 500(.SPX)$ will reach a new all-time high? This week? In November? In December? Or next year?
In this round of market trends, how was your holdings and what are you holding now?
In order to better answer the above questions, the following are some independent opinions, which are for communication only and are not intended as direct investment suggestions:
“Short-term pullback is coming, and it’s imminent…“—The stock Sleuth
“If the $S&P 500(.SPX)$ can decisively surpass the low 4600s, it would confirm a bullish cup and handle.”—Mike Zaccardi
Macro aspects this week:
On Tuesday, the annualized total of existing home sales in the United States in October will be released; $Baidu(BIDU)$ (pre-opening), $iQiyi Inc.(IQ)$ , $KUAISHOU TECHNOLOGY(KSHTY)$ (pre-opening), and $NVIDIA Corp(NVDA)$ (post-market) will release earnings reports;
On Wednesday, the number of U.S. initial applicants for the week, the University of Michigan Consumer Confidence Index, EIA crude oil inventories for the week, and U.S. one-year inflation expectations will be released;
The Fed released the minutes of its November meeting, focusing on Fed officials’ comments on economic data and hints on the path and timing of interest rate cuts;
On Thursday, U.S. stocks market will be closed on the U.S. Thanksgiving Day;
On Friday, "Black Friday" begins, and U.S. stock market will be closed three hours early; U.S. Markit manufacturing PMI preliminary value and other data for November will be released.
Have you got the answers? please mark in the comment area.
Comments
🌟🌟🌟The markets do not move in a straight line. Nobody can predict with any degree of accuracy whether there will be a pullback or a breakthrough, not even the experts.
But what I do know is that the stock market will reward patient investors like me many times over in the long term due to the magic of compounding. Volatility is the price we pay for outsized returns. So if there is a pullback, it is a great time to bargain hunt quality stocks selling below their intrinsic value.
The stock market is a transfer of wealth from the impatient to the patient. 😍😍😍
@Tiger_chat @TigerStars @MillionaireTiger @TigerClub @Tiger_SG
I think $英伟达(NVDA)$ NVDA is expected to continue to hit new highs, and $微软(MSFT)$ s market value is also expected to surpass $苹果(AAPL)$ .