11/28 Recap

We continue to flatten out with not much data left to come out here. Black Friday and Cyber Monday were small beats from last year, nothing to write home about. Overall, things are looking ok here even after we just dumped a few minutes ago on that poor note auction. Still, we have multiple tech names reporting this week which could impact the overall market: Salesforce, Snowflake, Crowdstrike are all so critical to so many big sectors. We’re approaching the 8 ema, the blue line below, which looks 1-2 days away from a touch, where we go from there will depend, but right now looking at the RSI, we are overheated and could use a breather.

The TNX, below, though shows yields completely breaking down with today being the first break below the 100 day in a very long time. That opens the door to 40 which would be fuel to ignite a higher push in equities. So do not ignore this when looking at the SPY chart above, collapsing yields will certainly push equities higher if it happens.

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