11/1/22 Your November Outlook, 8 Days to Mark on Your Calendar


The market posted modest losses on Monday.

  • Dow Jones -0.4%
  • Nasdaq -1.0%
  • S&P 500 -0.7%
  • Russell 2000 -0.0%

The Dow Jones ended October up 14%, its best month since 1976.

Image from The Economic Times

Monday’s decline was likely just a pullback from overbought conditions.

Sector Round Up

10 of 11 sectors ended lower on Monday.

The lone winner…

  • Energy (XLE) +0.8%

At the bottom…

  • Communications (XLC) -1.7%
  • Technology (XLK) -1.3%
  • Utilities (XLU) -0.9%

Around The Globe

Image from iStock

In China, the official manufacturing Purchasing Managers Index (PMI) reading was below 50, indicating a contraction.

  • Multiple contractions equal a recession. 
  • This reading plays into global slowdown fears.

Inflation in the EU reached a record high of 10.7%.

  • This is the highest reading on record.


It’s been a little while since we checked in on the VIX. So here’s the chart…

VIX Daily Candles – Chart via thinkorswim

You can see a clear break from the uptrend; the decline is slow and steady … A lower VIX favors the bulls.

Other signals remain generally bullish…


Your November Outlook—

  • Nov 2, FOMC Meeting concludes, 0.75% rate hike expected
  • Nov 4, jobs report, latest unemployment figure
  • Nov 10, CPI headline inflation data
  • Nov 11, Veteran’s Day, markets open, UMich Consumer Sentiment survey
  • Nov 23, FOMC minutes
  • Nov 24, Thanksgiving Day, markets closed
  • Nov 25. Black Friday, shortened trading day
  • Nov 30, Final Q3 GDP


*Low Float
^Open Position

*COEP on watch
*KLXE support at $15
*^RELL resistance at $24
*NINE support at $5, resistance at $6
SLS resistance at $4
IMRA support at $4, resistance at $4.60
ATNM on watch
AEHR support at $20, resistance at $22
PI support at $100
ASC support at $12
ETNB support at $9
NUVL on watch
^IMVT support $11
WNC on watch
PCVX support at $42
ZYME resistance at $8
PARR support at $20 or $21
KULR support at $2
VIST support at $12.50
OII resistance at $13.50
HLIT support at $15
MCRB on watch
HLX on watch
ROL support at $39
GILD on watch

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