11/20 Bearish. 175 Buying | 330 Selling.
% Stocks Over 50SMA is Bearish. Primary Indicator is Bearish. 20% Weekly is Bearish.
The market showed choppy action amid mixed catalysts and fading hopes for a December Fed rate cut, with labor data delays clouding the outlook and pressuring sentiment. Tech and communication sectors led early gains but gave back most of their advances after the BLS postponed key employment reports, fueling uncertainty. Volatility (VXX) declined modestly, but the overall risk tone remains cautious heading into major economic data.
Technology and communication services sectors outperformed intraday but retreated into the close, while industrials and healthcare distributors weakened; semiconductor-related names held relative strength, supported by NVIDIA anticipation.
Tomorrow’s key catalyst is the November Nonfarm Payrolls report at 8:30 ET, alongside the Philadelphia Fed survey and Existing Home Sales data—all poised to heavily influence near-term Fed policy expectations and market direction.
Key Takeaway:
With broad bearish technical signals and selling volume exceeding buying, swing traders should remain cautious and prioritize high-quality setups in resilient sectors like semiconductors and select healthcare equipment. Focus on names holding above intraday support and avoid chasing late-day fades or laggards showing volume breakdowns. Use tight stops near recent lows and be prepared for increased volatility around tomorrow’s payroll release.
Watchlist
Continuation: CVNA (S1: 326.5, S2: 325.5, S3: 323.5, R1: 330.5, R2: 333, R3: 338)
Anticipation: CELC (S1: 93.5, S2: 93, S3: 91.5, R1: 94.5, R2: 95.5, R3: 96)