Charts Updated: 11-17-2021
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).
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Two things stood out to me today.
The first is Apple breaking out. It’s good to see a market leader moving this way heading into one of the most bullish weeks of the year. I think as long as Apple stays above the $152-153 level we’re in good shape.
The second was the announcement that the Staples Center in LA – home of the Los Angeles Laker and Clippers – is now going to be renamed ‘Crypto.com Area’ thanks to a $700 million, 20-year naming rights deal. The Verge
IMO this is just another sign of the froth in crypto land. Does anyone remember PSINet Stadium, Worldcom Stadium, or Enron Field?
The SPX printed an inside day. I’d like two more of those this week.
The IWM closed below last week’s pivot low, which would be more concerning if that didn’t happen after reversing off the 21EMA and support near the $234 breakout level. So far, this is a reasonable correction after that run straight up from $223 to $245 in less than two weeks.
I’d start to get concerned if IWM closes under today’s low.
Okay, let’s get to the charts.