The S&P 500 consolidated for a second day, following the significant gap up on the 14th, which broke it out of the three month downtrend channel convincingly. And so the short-term change of behaviour, has now progressed into a possible change of character, as the pattern of lower highs and lower lows has been reversed, with an initial higher high and higher low developing since the recent swing low in late October.
Currently the S&P 500 is consolidating around its +3x ATR(21 day) level, and hence is a bit extended on a very short-term basis within the broader Stage 3 distributional range. And the short-term moving average breadth has expanded into the upper zone, with 79.80% of S&P 500 stocks above their 20 day EMA.
I'll discuss the indexes position and market breadth etc in more detail the weekend video, which will posted on Sunday as usual.
There were 30 stocks highlighted from the US stocks watchlist scans today
GOOGL, ONON, SMCI, URA + 26 more...
Market Breadth: New Highs - News Lows
The Nasdaq 100 and S&P 500 New Highs - New Lows has seen a change of character in November, with expansion of the net figures in both indexes above their zero lines, and with higher highs than were achieved during the mid August to late October period.
Become a Stage Analysis Member:
To see more like this and other premium content, such as the regular US Stocks watchlist, detailed videos and intraday posts, become a Stage Analysis member.
Disclaimer: For educational purpose only. Not investment advice. Seek professional advice from a financial advisor before making any investing decisions.