Library Archive
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- It was a largely positive day throughout the trading session on 11/4 as markets digested midterm results. Among the big winners were Gold ([GC/]), the Dow ([.DJIA]) and developed markets ([EFA]), all up over 2.5%. Only a handful of areas slipped, namely the US dollar and Crude which softened on hopes of continued deescalation in the Middle East.
- Near-term participation has continued to expand. [^TWSPX], which measures the percentage of S&P 500 stocks trading in a postive trend, pushed higher to within 1 box of its 2026 high at 70%. This rapid breadth expansion off 2026 lows has pushed [SPXEWI] to new all-time highs. Meanwhile, more cap focused areas ([SPX], [NDX]) reversed higher yesterday but trade off their respective chart highs.
- Other chart action included the likes of the Russell 2000 ([RUT]) which reversed higher but remains on a string of sell signals in a newly established negative trend, keep an eye out on small cap exposure. [TLT] also moved higher but continues to hold a poor fund score as fixed income- particularly long-duration assets- remain a point of weakness on the global investment landscape.
- With the large drop for crude, [CL/] moved back up into the upper $80’s, a logical point when looking to a retrace to support on a widely watched 2-point scale. Further downside would push it back into a negative trend and perhaps signal markets are pricing in a meaningful end to heavy US involvement in Iran with government now divided.
- [QCOM] was the big loser after its earnings report yesterday (11/4) after close. It is off around 12% in premarket trading, sitting around $152. Going into the call, it earned a poor 2/5 TA points and should be avoided. Those with exposure should keep eyes peeled for opportunities to cut on bounces back out of near heavily oversold territory.
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