Pre-mkt_2023_11_24

The next level in the SPX to the upside is around 4607, the summer rally high. The rally off the October low is up over 11% in 18 trade days, and there has been only brief and shallow retracement, so far. At the current rate of change the SPX would be near 5100 before Christmas.

The NDX has already taken out its summer rally high, so that is a minor divergence. The NDX is less than 4% from an all-time high.

The profile of the intermediate-term Auction displays the extraordinary one-sided trade of the last month.

The 10-day and 5-day MAs of NYSE advancing issues are diverging against higher highs in price. This is correlation not causation, but something to keep an eye on. 

The 30m SPX/breadth chart is behaving in classic bull leg behavior.

CHARTS HERE