SPX, NDX, IWM Notes For 17th November 2023
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:
$S&P 500(.SPX)$ Bull: Overcoming 4520
$S&P 500(.SPX)$Bear: Breaking the 5DMA
$NASDAQ 100(NDX)$ : 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:
$NASDAQ 100(NDX)$ Bullish above 15876
$NASDAQ 100(NDX)$ Bearish below 5DMA
$iShares Russell 2000 ETF(IWM)$ : 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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We may end 2023 at all time highs, buy the pullback and enjoy the ride. Have a great weekend!
Markets should rally into Thanksgiving unless Nvidia kills the "turkey" !
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