To The Moon

Close to 300% gain taking QQQ swings on Tuesday expecting NVDA’s positive earnings to push up the market at Wednesday’s open. Taking a short break from the Thanksgiving holiday as US market is closed on Thursday and half day on Black Friday. Have a good rest and a great time with family and friends! 🤗

Stocks rose Wednesday after yields briefly fell to their lowest level in two months, and the November market rally broadened into the Thanksgiving holiday.

More than three-fifths of the stocks trading on the New York Stock Exchange were up Wednesday, indicating widening breadth for the market rally. The tech-heavy Nasdaq also saw greater participation with 69.1% of the stocks in the index rising.

S&P 500 flirts with key resistance 

The S&P 500 is currently testing the downward trendline that connects the highs of January 2022 to the highs of July 2023. All-time highs are less than 6% away from the current levels.

The CBOE Volatility Index, known as VIX, has dropped below the 13 mark, presently assessing the lower bounds of the 2020-2023 range, suggesting an exceptionally low degree of anxiety in the market.

The breadth of the broader market rally has widened and this is a constructive sign for the health and sustainability of the current recovery, said LPL Financial Chief Technical Strategist Adam Turnquist. He noted that the rally off the October lows has pushed the S&P 500 Index up over 10% and through several overhead resistance levels.

“Investor attention has now turned to 4,600—a resistance area tracing back to the February/March 2022 highs and a spot that ended the summer rally,” he said. With participation in the current recovery improving significantly over the past few weeks, it appears that the current recovery is not just a “Magnificent Seven” story, the analyst said.

Turnquist noted that as of Monday, 55% of S&P 500 stocks closed above their 200-day moving average, more than doubling since the end of October. Additionally, cyclical sectors are exhibiting the broadest breadth readings, including financials, which are finally participating in the rally, he said.

Up, up & away

The latest economic data released today paints an improving picture in the mortgage market, lower-than-expected jobless claims, and an upward revision in the University of Michigan Consumer Confidence index for this month. The U.S. dollar index rose by 0.3%, while Treasury yields held steady.

Crude oil prices dropped over 2% as the OPEC+ cartel postponed the meeting scheduled for this Sunday due to disputes over members’ output, leading to the energy sector’s underperformance.

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