11/10 Cautiously Bearish. 350 Buying | 270 Selling.
% Stocks Over 50SMA is Bearish. Primary Indicator is Bearish. 20% Weekly is Bearish – Extreme Caution.
The market showed technical resilience with the S&P 500 closing just above its 50-day moving average after a volatile session marked by early dips and late buying, despite weak consumer sentiment and ongoing political uncertainty.
Energy, utilities, materials, real estate, and consumer staples sectors led gains while communication services and tech lagged; volatility (VXX) declined, signaling reduced fear and a tentative risk-on tone.
Upcoming catalysts include Monday’s $58 billion 3-year Treasury note auction and a shortened bond market session Tuesday for Veterans Day, followed by CPI and retail sales data later in the week.
Key Takeaway:
Swing traders should focus on stocks showing strong late-day accumulation and volume expansion, especially in technology and industrials, while remaining cautious due to bearish breadth and weak consumer sentiment. Favor pullback entries in leaders like MOD and CSIQ and respect tight stops given the mixed macro backdrop and extreme caution signals from primary indicators. Avoid chasing momentum in fading names like EXPE and maintain risk discipline around key support levels.
Watchlist
Continuation: MOD (S1: 153, S2: 151.5, S3: 150, R1: 156.5, R2: 159, R3: 162)
Anticipation: CSIQ (S1: 28, S2: 27.5, S3: 26.5, R1: 28.5, R2: 29, R3: 30)