Pre-mkt_2023_12_01:

The SPX may yet spike above 4607. Thursday’s cash low is now the important downside level, and trading below it is an initial signal a top of relative significance might be in place.

NYSE closing breadth has been “tame” in both directions since the November 14 momentum peak. Let’s continue to closely monitor the SPX 30m breadth chart for shorter-term clues.