Trading Plan: 25 November 2022

Nasdaq (+0.99%) went higher with bigger volumes than the previous day. As already stated, building a base here before a potential breakout is a healthy price action. Watching this channel while also keeping an eye on a possible violation of the recent support (SMA50 / EMA21 area).   $NASDAQ(.IXIC)$

SP-500 (+0.59%) went higher with lower volumes. This is an inflection point as the price face very strong resistance (both the recent high and the 12th of September high) and the proximity of SMA200. Definitely, this might a big milestone if passed. As always, be prepared for rejection as well.  $S&P 500(.SPX)$

In the news

Fed Minutes Show Most Officials Favored Slowing Rate Rises Soon.

Global Stocks Rise on Signs of Fed Slowdown.

HP laying off 4,000–6,000 employees globally over the next three years.  $HP Inc(HPQ)$

U.S. new home sales unexpectedly rise in October.  

Weapon industry booms as Eastern Europe arms Ukraine.

Sectors

• Best yesterday sector: Consumer Cyclical, then Communication Services. Worst sector: Energy.
• Best weekly sector: Consumer Defensive, then Utilities. Worst sector: Energy.
• Best monthly sector: Basic Materials, then Financial. Worst sector: Communication Services.

Sentiment

• NAAIM (weekly, neutral between 70 and 90): 64.96
• VIX (neutral under 20): 20.35  $Cboe Volatility Index(VIX)$
• Put / Call Ratio (neutral between 0.7 and 1): 1.07
• CNN Fear & Greed: 66 (Greed)

Breadth

• Stocks above SMA40 (neutral between 30 and 80): 72.64%
• Stocks above SMA200 (neutral above 30): 47.19%
• Number of stocks that increased yesterday by more than 4%: 250
• Number of stocks that decreased yesterday by more than 4%: 77
• McClellan Oscillator (neutral between -125 and 100): 64.42

Earnings Reports

Deere DE 1.97%↑forecasted solid profit margin growth across its business segments.

No noteworthy earnings reports for today.

What to trade today

The market is near its resistance. If strong, of course, we could see higher prices and I will watch stocks’ price action for potential TMLs.

I will watch today:

PARR -2.09%↓,PBF 1.54%↑and $Vaxcyte, Inc.(PCVX)$ PCVX -0.16%↓are still in the game but they seem to like their price level for too long… $Par Pacific(PARR)$  $PBF Energy Inc(PBF)$  

Northern Oil and GasNOG -2.40%↓acts constructively above the EMA21 and all the last 4 candles show buyers coming in at EMA21. A price above the black line might work. Stop Loss: EMA21.

Enphase Energy ENPH -0.99%↓is near its resistence. The volumes are calm and we might see a breakout from here. Stop Loss: EMA10. $Enphase Energy(ENPH)$

Cactus WHD -0.09%↓made a mean reversion. If the price is rejected, a price above the black line might work. Stop Loss: EMA21. $Cactus Inc.(WHD)$

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