US Stock Indexes | Shallow Retracement Into Early-Mid-December Now Likely

Dow Jones Industrial Average (weekly bars)

Dow Jones Industrial Average (daily bars)

Monthly weekly and daily trends are up. 

S&P 500 (weekly bars)

S&P 500 (daily bars)

Eleven days, three levels and nearly 6 * ATR above the re-accumulation low of November 9.

 

Nasdaq 100 (weekly bars) 

Nasdaq 100 (daily bars) 

CNN Fear & Greed Index (daily bars).

 NYSE McClellan Oscillator (daily bars)

 

CBOE Volatility Index (monthly bars). Very close to multi-year lows.

SPX Put/Call Ratio = 1.63 for Nov 24 2023.

 

 Seth Golden (Nov 25, 2023):
The Trifecta of Overbought Conditions:
92% of SPX above 20-DMA, highest in 2+ yrs
McClellan Oscillator > 80+
S&P 500 2 std. above 50-DMA (RSI also 70+)

 

 

 

Four weeks+ of price expansion beyond daily, weekly and quarterly levels. Last week narrow daily and weekly ranges. Multi-month inflation melt-up? Possible. Allen Reminick suggests a creep up into November 27 (Mon) or December 1 (Fri) followed by some rather shallow 23-50% move down into December 8 or mid-month, some X-mas rally, sideways into January 12 and up into March-April 2024. Possible. [ Allen Reminick (Nov 20, 2023) - S&P 500 Projection Into June 2024 ]

 

See also:

Richard Wyckoff's Distribution Schematics.