Weekend Report for Monday, November 11, 2024
Bottom Line:
As expected following the strong rallies on Wednesday in the US indices following the US elections, we have seen immediate upside follow-through. The current rate of change in the indices is unsustainable and we should very soon see a more two-sided market.
However, the price action suggests that any significant top is unlikely for the foreseeable future.
The SPX, NDX, NYA and DOW all made new all-time highs last week. The RUT came very, very close to achieving the same.
PDF: Weekend Report_2024_11_11
VIDEO: https://youtu.be/BKOlK-ndqp8
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SPX
Upper KRA: ?
Lower KRA: 5646; 5865
NDX
Upper KRA: ?
Lower KRAs: 20894; 20527
DOW
Upper KRA: ?
Lower KRAs: 413639; 42845
RUT Weekly
Upper KRA: 2437
Lower KRA: 2301
New York Composite
Upper KRA: ?
Lower KRAs: 19827
Internals – VIX
No change: 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
There is an obvious divergence at the moment between price and breadth. This is not a sell signal but it is something to watch.
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US Dollar
US 10-yr Notes
Notes are in a very sharp downtrend. A bounce is increasingly likely.
Gold
Higher highs and lows. The intermediate and long-term trends are up.
Crude
Crude is just above a critical long-term level.
