We'll know this week if the low is in
November 10, 2022
Weekly Stock Market Levels - 11/10/22
While everyone is focused on tech leading us lower, few are noticing that value may be leading us higher. Rates and the dollar continue to not make new highs after the FED's hawkish speech, as value maintains leadership int the new uptrend developing. The DOW's low is in, as the NASDAQ could make one more low. This will only increase the buying opportunity that we see unfolding. If the S&P 500 can go above the 3912 level, which was the high going into the FED speech, then we have confirmation of a meaningful low being put in on October 13th. I expect some stocks to make new lows, and we are seeing that. But, if rates, financials and industrial do not breakdown, we probably will not see a direct drop towards SPX 3200 this year.
11/10 Broad Market Levels Timestamps:
00:00 - Intro/The Blue Count Scenario
01:08 - The Gap Down Scenario
01:47 - Two Key Areas
03:41 - Dow Jones Bullish Signal
04:45 - The Fed and Interest Rates
06:44 - Global Markets
08:55 - Outro
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