BRIEF UPDATE ON THE THE BROAD STOCK MARKET (11:30 pm EST)
Last week's lows in the DOW and S&P 500 did not reach our targets (29,000 and 3,545, respectively), and these indices are instead pushing higher into our new reversal zone (Dec. 3 - 14). At the end of last week, both indices were making new all-time highs (bullish behavior), and we should now be looking for a sub-cycle top instead of a bottom in this new reversal zone. If the broad stock market doesn't rally too strongly this week, we will still look for a corrective low in those target ranges from last week for a possible spot to buy for more rallying. The NASDAQ 100 (E-mini, Dec. contract chart) is also due for a sub-cycle correction. A good target here is still around 11,500, so we will keep watching for that. On the sidelines of the broad stock market.
Last week's lows in the DOW and S&P 500 did not reach our targets (29,000 and 3,545, respectively), and these indices are instead pushing higher into our new reversal zone (Dec. 3 - 14). At the end of last week, both indices were making new all-time highs (bullish behavior), and we should now be looking for a sub-cycle top instead of a bottom in this new reversal zone. If the broad stock market doesn't rally too strongly this week, we will still look for a corrective low in those target ranges from last week for a possible spot to buy for more rallying. The NASDAQ 100 (E-mini, Dec. contract chart) is also due for a sub-cycle correction. A good target here is still around 11,500, so we will keep watching for that. On the sidelines of the broad stock market.
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