Special Update_2023_11_14

Upside momentum exploded in Globex with the CPI print and it has carried over into the cash session. The bottom line is it is extremely likely we see new all-time highs in the NDX and SPX fairly soon. The DOW is not far behind and the RUT is very strong today, too, but is still considerably below its all-time high.

NYSE breadth is currently +2431 and if it closes here it will be the highest closing breadth reading since 11/22/22.

The NDX is leading the charge as has been the case for over a year.

The current rate of change is unsustainable, but that doesn’t mean there is necessarily going to be anything resembling a big retracement prior to new all-time highs. Last week we saw a little (emphasis “little”) rotation/retracement as a brief pause prior to another ramp that began last Friday. I simply expect a more two-sided market to soon develop. If my analysis is correct, the long side is the side to trade in all timeframes at this juncture.

Last weekend’s Report, here.