11/24 Bearish. 150 Buying | 900 Selling.
% Stocks Over 50SMA is Bearish. Primary Indicator is Bearish. 20% Weekly is Neutral.
The market faced a sharp intraday reversal despite NVIDIA’s strong earnings, signaling fading AI momentum and broad selling pressure that pushed major indices back near their 50-day moving averages. Defensive sectors like Consumer Staples outperformed, while tech and semiconductors led declines amid elevated volatility as VXX spiked.
Investors await Friday’s flash November PMI reports and University of Michigan Consumer Sentiment data for further market cues ahead of the December FOMC.
Key Takeaway:
Swing traders should exercise caution amid bearish breadth and fading momentum, focusing on defensive sectors and selective biotech names showing accumulation. Avoid chasing tech or cyclical breakouts until price sustains above key support levels near 50SMA. Watch for potential short-term continuation in inverse ETFs (TZA, TSLZ) if small caps and TSLA remain weak, and consider entries on strong biotech setups with confirmed volume support.
Watchlist
Continuation:
CORD (S1: 61.5, S2: 60.5, S3: 57.5, R1: 62.5, R2: 65, R3: 67)
CONI (S1: 66.5, S2: 65.5, S3: 65, R1: 67.5, R2: 69, R3: 70)
Anticipation:
CASY (S1: 552, S2: 550.5, S3: 548.5, R1: 555, R2: 556, R3: 560)
VRSK (S1: 222, S2: 221.5, S3: 221, R1: 223, R2: 224.5, R3: 225.5)