November 2023

It’s Ross Givens here, back with the Chart of the Day. Observing the Nasdaq 100’s ascent to a 52-week high, I delve into the intricacies of major indexes, focusing on the S&P 500. Historical patterns reveal that significant levels of support and resistance are rarely swiftly surpassed. The current challenge lies at the crucial 460 level on the SPY, a battleground with a history of transforming from resistance to support. As we approach this key juncture, the process of digesting previous sellers may unfold over the next few weeks, shaping the trajectory for a potential rally into new highs.

It’s Ross Givens here with the Chart of the Day. In a week of flourishing markets, the S&P 500, Nasdaq, and Dow all surged, each securing substantial gains. Notably, small-cap stocks stole the spotlight, with the Russell 2000 soaring 5.4%, marking its best performance in over a year. This rally differs from recent trends, showcasing broad participation rather than reliance on a select few mega-cap stocks. Key indicators, from net new highs to moving averages, paint a bullish picture. As our TA Market Health Gauge gleams bright green, signaling a very bullish environment, I delve deeper into the insights of the week ahead.

It’s Ross Givens here with the Chart of the Day. In a week of flourishing markets, the S&P 500, Nasdaq, and Dow all surged, each securing substantial gains. Notably, small-cap stocks stole the spotlight, with the Russell 2000 soaring 5.4%, marking its best performance in over a year. This rally differs from recent trends, showcasing broad participation rather than reliance on a select few mega-cap stocks. Key indicators, from net new highs to moving averages, paint a bullish picture. As our TA Market Health Gauge gleams bright green, signaling a very bullish environment, I delve deeper into the insights of the week ahead.

It’s Ross Givens here with the Chart of the Day. In a week of flourishing markets, the S&P 500, Nasdaq, and Dow all surged, each securing substantial gains. Notably, small-cap stocks stole the spotlight, with the Russell 2000 soaring 5.4%, marking its best performance in over a year. This rally differs from recent trends, showcasing broad participation rather than reliance on a select few mega-cap stocks. Key indicators, from net new highs to moving averages, paint a bullish picture. As our TA Market Health Gauge gleams bright green, signaling a very bullish environment, I delve deeper into the insights of the week ahead.

It’s Ross Givens here with the Chart of the Day. In a week of flourishing markets, the S&P 500, Nasdaq, and Dow all surged, each securing substantial gains. Notably, small-cap stocks stole the spotlight, with the Russell 2000 soaring 5.4%, marking its best performance in over a year. This rally differs from recent trends, showcasing broad participation rather than reliance on a select few mega-cap stocks. Key indicators, from net new highs to moving averages, paint a bullish picture. As our TA Market Health Gauge gleams bright green, signaling a very bullish environment, I delve deeper into the insights of the week ahead.

It’s Ross Givens, back with the Chart of the Day. Analyzing the S&P 500’s historical performance, especially in years with a robust first-half surge, like the current one, reveals an intriguing pattern. While not an exact match, the current sideways movement mirrors past August to October trends, followed by a robust year-end rally. Daily fluctuations might be unnerving, but take solace in the historical trend favoring sustained growth. The added potential influx of trillions from sidelined money market funds signals a favorable outlook. Despite day-to-day uncertainties, rest assured, the broader historical perspective and market dynamics position us favorably in this ongoing rally.

It’s Ross Givens here with the Chart of the Day. Unveiling the intriguing dynamics of the small-cap Russell 2000 index, I’ve identified not one, but two compelling head-and-shoulder patterns. The classic bearish formation, breaking below the 200-day moving average, foretells a potential plunge. However, a recent twist reveals an inverse head-and-shoulder pattern, a bullish signal. The index is poised to breach the 200-day moving average ‘neckline’ once again.