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After I started my key index charts this morning, together with sector and trade charts, one factor grew to become obvious very, in a short time. Within the near-term, we look like working out of bullish momentum. 60-minute divergences are adverse throughout many key indices, sectors, and industries, to not point out the most important market cap firms as properly. I could not imagine what number of I noticed. This text does not require a number of phrases. I imagine the next hourly charts say every part we have to know proper now:
Dow Jones:
S&P 500:
XLK:
XLY:
XLF:
XLI:
Transportation ($TRAN):
Semiconductors ($DJUSSC):
TSLA:
AAPL:
MSFT:
NVDA:
AMD:
Destructive divergences assure us nothing, however these are a lot of key charts that replicate slowing momentum. And plenty of of them present key value resistance being examined concurrently. It is also noteworthy that we’ve simply entered traditionally the worst week of the 12 months (October twenty first near October twenty seventh shut).
Now here is the silver lining.
November is a really robust month for U.S. equities, so if we do pull again subsequent week, it might arrange completely terrific buying and selling alternatives. In reality, I’ll characteristic a inventory in our FREE EB Digest e-newsletter on Monday morning that has risen throughout November in 19 of the final 20 years. I am hoping we see a pullback on this one subsequent week, as a result of I like these November odds and this inventory is presently the very best performer in its trade group! Our e-newsletter is totally freed from cost with no bank card required. Merely present us your title and electronic mail deal with HERE and we’ll get that tremendous November inventory to you on Monday morning!
Blissful buying and selling!
Tom
Tom Bowley is the Chief Market Strategist of EarningsBeats.com, an organization offering a analysis and academic platform for each funding professionals and particular person traders. Tom writes a complete Day by day Market Report (DMR), offering steering to EB.com members daily that the inventory market is open. Tom has contributed technical experience right here at StockCharts.com since 2006 and has a elementary background in public accounting as properly, mixing a singular talent set to method the U.S. inventory market.
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