Chart Updates: 11-11-2021

These are updated charts from the weekend strategy video that goes out first thing Saturday morning, as well as new charts of interest that pop up during the week.

Comments are attached to each individual chart (click image to view).

Charts fall into four categories:

  • Active setups - Watch for entry.

  • Potential setups - Not ready yet but could be soon.

  • Follow-ups - Previously triggered setups.

  • General - Charts of general market interest

For intraday updates please join the Lund Loop Discord.

First off, my apologies for the transposed month/day in last night’s update. It’s the ADD in me, no matter how old I get I can’t outgrow it.

After yesterday’s selloff, we got an opening gap up in the indexes that provided some profit opportunities in individual names, but you had to be really fast because there was no follow-through, and by the end of the day most stocks and indexes had given the move back.

Looking at the SPX chart above, it’s a coin flip as to where we go from here.

On the plus side, we did close slightly higher and well off yesterday’s low.

On the minus side, we closed below the 8EMA.

Obviously, there’s no way to predict the next move, which means it’s a time to be less active and take risk off until we get more clarity.

I’m keeping a close eye on the XLF. It firmed up a bit today, and as long as it stays above Tuesday’s low, it’s hard for me to think that the market goes much lower.

The best-case scenario is a few days of digestion at this level which would create a nice base from which to continue the uptrend and push higher.

Time will tell.

Now let’s get to the rest of the charts.

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