Market Insights

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Sizing Up the Market

• S&P 500 challenges resistance at 6,852 from 10/29 intraday low
• Consolidates above 6,775 (intraday high on 11/14)
• 50-day MA has slowed amid 2 months of sideways movement
• 9-day rate of change rises
• Intermarket indicators show few warnings: VIX, U.S. Dollar, yields
• “Risk-on” sectors take leadership: Tech, consumer discretionary, financials, energy

S&P 500, daily chart, with select patterns and indicators.

News & Views:

• Airlines & travel
  • DAL sees strong demand into 2026
  • BA reiterates turnaround as Airbus struggles
• Overseas weakness: Less appeal in global stocks?
  • Turkey, Swiss inflation fall
  • Mexico faces slowdown risk
  • Indian rupee hits new low against U.S. dollar
• Economic confusion:
  • ADP payrolls -32K, biggest drop since March 2023; small-business struggles
  • But, last week’s initial jobless claims were the lowest since 4/12
  • ISM services beat estimates on strong order backlog

Groups & Sectors:

• Brick & mortar comeback
  • AEO, M, KSS, ZUMZ, ANF, RL climb after results
• Metals leadership moves from precious to base metals
  • Copper hits high on London Metal Exchange
  • STLD, NUE, AA, FCX advance
• AI trade divergence:
  • Recent gainers: TSM, MDB, ADI
  • Fatigue?: MSFT, CRDO, PSTG
  • IREN SYM drop on capital raisings

Sectors & Signals

• TSLA: 8-day EMA crosses above 21-day EMA
• TSM: Bullish outside day
• CAT: Bullish outside day & record closing high
• FCX potentially breaking 2-month range
• AMGN: Potential ascending triangle
• WFC: Record closing high
• Russell 2000 nears October’s record highs

Upcoming Events

• Earnings tonight: HPE
• Fri 12/5: Consumer sentiment
• Tue 12/9: JOLTs job openings
• Wed 12/10: Crude oil inventories, *FOMC + Dotplot*
• Thu 12/11: PPI