Special Report for Thursday, November 6, 2024
Bottom Line:
US stock indices were strongly higher following the results of the US elections. The SPX, NDX and DOW closed in all-time highs. It should be noted that the Dow Jones Industrial Average also closed at a new all-time high. The RUT and NYA also rallied strongly and closed just shy of new all-time highs.
Downside levels posted below are unequivocal critical levels for the current bull market. The upside is a total guess, but today’s conviction alone suggests additional strength.
PDF: Special Report_2024_11_06
VIDEO: https://youtu.be/ZbgKudhaovQ
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SPX
Upper KRA: ?
Lower KRA: 5696
NDX
Upper KRA: ?
Lower KRAs: 19872
DOW
Upper KRA: ?
Lower KRAs: 41649
RUT Weekly
Upper KRA: 2463
Lower KRA: 2204-2167
New York Composite
Upper KRA: 19905
Lower KRAs: 19234-19173
Internals – VIX
From last weekend’s Report: VIX does not stay above 20 for long in bull trends. It will often spike sharply above 20 at important pivot lows.
VIX closed at its lowest level in over a month. It is likely to drop more if the market continues to work higher.
Internals – NYSE Data
From last weekend’s Report: The 10-day MA of NYSE advancing issues suggests that timewise we may be near an important low. Please see the video for examples and more details.
Breath should continue to expand under a bullish assumption.
