11/17 Bearish. 200 Buying | 240 Selling.
% Stocks Over 50SMA is Bearish. Primary Indicator is Bearish. 20% Weekly is Neutral.
The market showed resilience late Friday, with tech-led rebounds helping the S&P 500 and Nasdaq reclaim their 50-day moving averages after early weakness, but overall sentiment remains cautious amid hawkish Fed signals reducing the odds of a December rate cut. Energy and real estate sectors outperformed, while materials and financials lagged; volatility (VXX) spiked modestly, reflecting underlying nervousness. Upcoming catalysts include Monday’s Empire State Manufacturing report and Nvidia earnings on Wednesday, which could influence tech momentum.
Key Takeaway:
Swing traders should remain cautious and favor names showing relative strength and technical support, especially in energy and select healthcare/biotech stocks. Avoid chasing late-day fades in biotech and financials, and watch for confirmed breakouts above key resistance levels. Position sizing and tight stops are recommended given the bearish breadth and elevated selling volume.
Watchlist
Continuation: ARGX (S1: 903.5, S2: 902, S3: 899, R1: 909, R2: 910, R3: 915)
Anticipation: QURE (S1: 30, S2: 29.5, S3: 29.3, R1: 30.7, R2: 31, R3: 31.5)