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WaveRider’s midday Friday, November 6th update says the market regime shifted from bearish to neutral as extreme-bear names collapsed from 1270 to 137 and breadth improved. The tech-led bounce comes on light scan volume, with several breakouts fading on good news. The hosts point to quiet accumulation in heavyweights and key levels to watch into...
Key points
Market regime moved from bearish to neutral; extreme bear 4% names fell from 1270 to 137 while bull 4% names rose to 188.
Good news is being sold: MU reversed 12.81% from the open despite a bullish TSMC headline, and EOG is down 2.45% despite EPS up 109.03%.
Scan volume is light and continuation movers lack volume confirmation, so caution is warranted.
Quiet accumulation appears in BRKB and LLY; action codes are CRT (keep size small) and T3A (think three days ahead).
Watch MU at $656.39 into the close; holding the bounce matters more than the size of the gain.
See QQQ in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open QQQ in WaveFinder.
See SPY in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open SPY in WaveFinder.
See DNA in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open DNA in WaveFinder.
See SMR in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open SMR in WaveFinder.
See MU in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open MU in WaveFinder.
See EOG in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open EOG in WaveFinder.
See COAG in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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See ARRY in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open ARRY in WaveFinder.
See LLY in WaveFinder. Sign in with your email, and new accounts are free and take about 30 seconds.
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Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open LLY in WaveFinder.