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11/24/2023 |

Market Update Into November 27th: Mixed Signals and MACD Crosses

This week, seemingly all eyes were squarely focused on one singular event; NVDA earnings. Despite numbers that completely blew expectations out of the water, the stock sold off and bulls were left scratching their heads into the Thanksgiving holiday. After one of the most powerful rallies in recent memory, some participants suggest it’s time for markets to cool off, but with the VIX at new yearly lows and next week being one of the strongest weeks of the year historically across all three major indices, the bears seem to have their work cut out for them! Let’s dig into the individual charts and see how the week closed!

Weekly Analysis

This week, the SPY ETF closed at $455.30 (+1.00%), breaking above the .786 Fib retracement before being stopped dead in its tracks by the long-term trendline from the all-time high. The MACD cross above the zero line suggests a continuation of the existing bullish trend.

This is a weekly chart of the SPY index.

This week, the QQQ ETF closed at $389.51 (+0.90%), giving mixed signals just 5% from its all-time high. A bullish MACD cross printed as the price pushed past the July highs, but the top of the rising wedge and the bottom of the Fair Value Gap stalled any continuation higher. There is a clear bearish RSI divergence forming, as well.

This is a weekly chart of the QQQ index.

This week, the IWM ETF closed at $179.33 (+0.58%), trading in a very tight range, almost entirely within the wick of last week’s candle. The price stalled once again at the pivotal $180 level, where we see both the anchored VWAP from the gap down back in June of 2022 and the 50% Fib retracement from the August high.

This is a weekly chart of the IWM index.