11/20/25 Recap

The SPY got the big gap up on the NVDA print yesterday and we opened above all the key moving averages but then we got some housing data and NVDA faded quite a bit so we’re now losing the 50 day again. Fed governor Cook just came out and warned of a possible market drop due to high valuations but it’s very early in the session it is still early in the session so the close is all that matters, bulls would like to see a close above the 21 ema so this isn’t a peak above and fail. If we do close below it, ideally we’d at least stay above the 50 day(yellow line) and start to build above that but this isn’t looking so hot right now.

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