Equities saw an ugly downside reversal, the SPX swinging from 6770 to 6534, and settling -103pts (1.6%) to 6538.
sp’weekly1b
Summary
SPX: as things are, we’re net lower for the week by -195pts (2.9%). Weekly momentum is sustainably negative, and should be increasingly negative into mid/late December.
We’re set for a decisive weekly close under the weekly 10MA (6687), the first time since mid April. The m/t bullish trend HAS ended.
Natural target is the lower bollinger… currently 6198. There are multiple ‘magnets’ within the 6100s, as look realistic before year end.
Some perspective…
With 4.5 trading days left of November, the SPX is currently -301pts (4.4%).
The November candle is bearish engulfing.
Monthly momentum is offering a provisional rollover, and might turn negative in January. Whilst we’re still set for a monthly close above the key 10Ma (6211), its set to be tested in December.
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Stock of the day
NVDA, daily
Nvidia saw an early high of $196.00, but swung powerfully lower, settling -3.0% to $180.98. Today’s candle is bearish engulfing, and I’d note the 200dma in the $152s.
Its notable that despite good earnings, today’s high was a fair way below the recent $212s… marked by a black candle no less.
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Looking ahead
Friday will see PMI serv’ & manu’, consumer sent’
Earnings: $BJ $VFS $MNSO $MOG.A $FRO $AZTA
Event: It will be OPEX, expect considerable chop on higher vol. Mr Market will be inclined for a pin around intermediate psy’6550 (if we open lower) or psy’6600… on a stretch.
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Special note on Bitcoin
Bitcoin, monthly
Note the July, Aug’, Sept’, and October candles, which are all spiky on the upper side, indicative of bullish exhaustion.
On a grander perspective… the November candle is horrific.
Its decisive, and threatens the start of a massive multi-month down wave.
Bitcoin 60/50K, with SPX 6200/100s appears realistic within Dec/Jan’.
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Final note
Ms. Booth is usually worth your time.
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Ohh, its for your ‘health’… the various regimes tell us.
No. The reality is they believe they own you from birth.
… and the dumb vaxxed sheep – around 85% of the western populace, care nothing about such control/surveillance measures.
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*I’ve not watched
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“Even though I’m not white and my family hasn’t been here for generations, but just as someone who was born here and lived here my whole life, even I get a sense of we need to take our fucking country back”
It is soul destroying for many, as front line customer service – not least hotels is being outsourced, with Americans/Europeans becoming long term jobless.
The only way to fight back… do NOT frequent such places.
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Indeed, the jobs market is a nightmare.
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More from Ms. Booth, as she been doing the media rounds today.
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Another array of videos on the cost of living crisis.
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Independent chatter… on system quakes.
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Two great Americans.
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No databases, no tracking… the ability to live a life outside the control of some corrupt government bureaucrat. It was a time of freedom, of capitalism, a time of hope.
Goodnight from London