Charts Updated: 11-16-2021
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 enlarge).
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Per yesterday’s commentary, the market continues to write its story as the SPX finished less than a point from ATHs (on a closing basis), though well off intraday highs as there was some decent selling in the afternoon and into the close.
The Nasdaq, Dow, and Russell 2000 are all lagging relative to their ATHs, but all moved higher in sympathy today, with Naz the strongest of the bunch as the Q’s were up 0.71% for the day.
I’d really like to see the indexes stay around these levels for the rest of the week, but we’ll play it as it comes.
The selling that started last week in crypto accelerated today and many names are breaking trendlines and/or support levels
Ironically, pot names are acting better intraday than they have over the past two years. And it’s the first time in a long time that I feel a legitimate bottom could be in place. If that’s the case, there will be plenty of opportunities to take advantage of over the next few months.
Let’s get to the charts.