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10-year Rates are still falling little by little.
Study PST in this connection. It is the leveraged short
on 10-year rates.
Bonds are still in an uptrend. A breaking of the uptrend would
signal that the FED is going to fight a higher stock market and
become more restrictive. It is not expected to do that at this
time of the year, for fear of hurting Retailers. AMZN made
a 12-month high today. This should be viewed as a
bullish sign for retailers, generally.
We want to watch Big Banks as a group. If they break their uptrend-line, it will probably mean another DJI correction. This group is particularly "well-connected", of course, with the FED.
PEERLESS remains Bullish on the DJIA
NVDA's Closing Power and Rel. Strength Quotient broke
their uptrends despite its stellar earnings being way above
what was expected. A decline here seems likely. This
will likely weaken the tech sector. SOXL must be watched
closely now for breaks in its key uptrends.
Trading during the week of Thanksgiving is usually
motivated by positive thoughts and brings good gains.
And 1/2 of the DJI-30 stocks show the bullish combination
of a rising Opening and Closing Power.
Without a Sell from Peerless, the next upside target
appears to be 35800-36000.
If megaphone patterns of OEX, SP-500 and NASDAQ
repeat from first half of 2023, then a sidewise
move will then take place while big money re-accumulates
stock inventory for a subsequent breakout.
DIA - Closing Power's rise shows that Professionals
are still bullish. In the DJI-30, MSFT is the strongest amd most
influential stock. See also AAPL below.
MSFT
The Relative Strength uptrendline has just been violated
for the NASDAQ and QQQ. A tech retreat is likely now
if these items' Closing Power turns weak. Otherwise,
there will only be a shallow decline while the DJI goes higher.
SPY, NASDAQ, QQQ, TECL, SOXL
