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Flat Squeeze Tightens 11/20/23

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8 minutes ago, The CoinGuy said:


The fruit on that tree is very ripe...

If there is an emergency.  Just send me a pm and I'll show up sooner or later and Doc has my private e-mail address.


Best of luck to all.

The CoinGuy

Will do.

Godspeed to you...

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its overbought



$SPX - RSI(5) is at 90 which is the 2nd most overbought case in 2023 after June 15. Based on the recent daily cycle highs, the earliest the next top may occur is on Wednesday(26 days from the Oct high), but it will obviously depend on the reaction to NVDA's earnings tomorrow.

$NDX - New high for the year. RSI(5) is at 89.7. The 1st time NDX traded at current levels(>16K) was in Nov 2021. RSI(5) was at 90 on 11/2/21 but topped at 95 2 days later. The next resistance is ~16400 so we're likely to move higher and see a similar blow off top this week

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Wall Street anal cysts, on average, are forecasting a 979% increase in Nvidia's net income from a year ago, to $7.3 billion. That's on expected revenue growth of 173%, to $16.2 billion, for a profit margin of 45%. Those are the kind of numbers you'd expect from a buzzy software startup, not a $1.2 trillion corporation founded 30 years ago.



Next year brings a host of unanswered questions, but that's a problem for another day. In the near term, what's not to like? The typical year-end Santa Claus rally has begun before Thanksgiving.  In fact, the S&P 500 has just had its best three-week stretch since June 2020, during the frenetic rebound from the Covid-19 selloff. It's up nearly 10% over the recent stretch.   That kind of short-term return has historically been a strong sign of continued momentum for the index

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