Weekend Report for Monday, December 2, 2024
Bottom Line:
Momentum remains strong and UP in the US indices. As long as the indices are making higher highs and lows the trend is intact. Important levels are in the report.
See the video for more detailed discussion.
VIDEO: https://youtu.be/867TC3oORIg
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SPX
Upper KRA: ?
Lower KRA: 5984; 5853
SPX 30m
Persistent higher highs and lows. There is a divergence between price and breadth, but this is not as reliable a “tell” at highs as it is at lows.
NDX
Upper KRA: 21189
Lower KRAs: 20601
DOW
Upper KRA: ?
Lower KRAs: 44297
RUT Weekly
Upper KRA: 2464
Lower KRA: 2282
New York Composite
Upper KRA: ?
Lower KRAs: 20126
Internals – VIX
VIX dropped each day last week and closed the week at its lowest level since July. This is potentially bullish.
Internals – NYSE Data
As has been discussed for several weeks, the new highs in the SPX is accompanied by a divergence in the 10-day MA of NYSE advancing issues. These divergences can persist and get more extreme before a resolution occurs.
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US Dollar
The Dollar had a vertical up move so some retracement is not a surprise. In general I would continue to favor longs,
US 10-yr Notes
The bounce in Notes was expected. Watch 111’21-112’10 for potential resistance.
Gold
Between important levels of two degrees.
Crude
72.97 is a critical upside level in Crude. Crude is having trouble generating any upside traction. Consider favoring shorts.
Bitcoin
The area near 75,000 is the critical downside KRA.
