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11/27/23 November End In Sight

News:

Stocks were mostly higher after Friday’s short session.

The indexes closed mixed and near flat…

  • Dow Jones +0.3%
  • Nasdaq -0.1%
  • S&P 500 +0.1%
  • Russell 2000 +0.7%

Sector Round Up

The sectors failed to produce gains (or losses) of more than 1% for a third day in a row. 

9 of the 11 sectors closed higher.

At the top…

  • Healthcare (XLV) +0.5%
  • Materials (XLB) +0.4%
  • Energy (XLE) +0.4%

The losers…

  • Communications (XLC) -0.3%
  • Technology (XLK) -0.4%

Technicals: 

The S&P 500 is flirting with 52-week highs. But overbought conditions are still threatening the rally…

SPY Daily Candles – Chart from thinkorswim

We fully expect the market to move higher over the next several months. But the overbought conditions tell us the market is out of balance.

Watch for a pullback in the short term.

Your latest readout…

Timing:

Just four trading days remain in November. The market will be watching two key reports this week.

  • Wednesday, revised Q3 GDP data drops
  • Thursday, the PCE inflation is due out

Watchlist:

*Low Float
^Open Position

*DRCT support at $7
*GYRE support at $16
*SHOT support at $3
*ITRM support at $1.80
*MYO support at $3.20
RYTM support at $34
ALKT support at $22

Secondary watchlist—float about 100 million

NMRK support at $7.50, resistance at $8
AUTL support at $4.50
BKD support at $4.50
GPS on watch
KD
support at $18
SID support at $3

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