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  Jeff Bailey   11/11/20,  5:20:32 PM
Pivot Matrix for tomorrow at this Link

 
 
  Jeff Bailey   11/11/20,  4:12:24 PM
SPX 1,046.57 -0.05% .... quick DAILY Pivot calculation shows correlative support for tomorrow at WEEKLY S1 of 1,044 (DAILY S2= 1,041.32, DAILY S1 1,043.94).

 
 
  Jeff Bailey   11/11/20,  4:01:59 PM
Veteran's Day Tribute .... at this Link

Thanks to Dan for sending this. Where's the Kleenex?

 
 
  Linda Piazza   11/11/20,  3:56:22 PM
It was a frustrating day today, but not nearly as frustrating as it would have been if we'd been trapped in an OEX option play that was going nowhere while we were losing option premium. While we don't take on as much risk as those shorting or going long stock or those who trade the futures, our non-performing positions do suffer from time decay. We have to be careful about entering on days likely to be rangebound, as I thought this one might be today.

 
 
  Linda Piazza   11/11/20,  3:32:55 PM
(In response to Jim's 15:28 post on the Futures Monitor): Jim, when I was doing research this weekend related to envelopes that required me to make calculations whenever the OEX touched the outer envelope surrounding a central average on the 30-minute chart, those calculations suddenly became much easier once I moved into September. The number of touches of those outer bands slowed dramatically as compared to the rest of the year, and instead the OEX started clinging to the central averages.

 
 
  Linda Piazza   11/11/20,  3:27:09 PM
Although the OEX hit a new low of the day, it did not fall through the 516.70-517.25 support zone. Next resistance now appears to be at about 518.90.

 
 
  Jonathan Levinson   11/11/20,  3:24:27 PM
Here come the probots, trying to game the (almost) triple bottom. Link

 
 
  Jonathan Levinson   11/11/20,  3:20:28 PM
Hmm, perhaps now would be a good time to buy a couple of GE shares... just it nudge it over the cliff. (grin)

There it goes, 27.99 just printed. I wonder who did the deed?

 
 
  Linda Piazza   11/11/20,  3:15:44 PM
The OEX hits a new low of the day.

 
 
  James Brown   11/11/20,  3:11:28 PM
EBAY is breaking down. Shares broke the simple 50-dma yesterday as well as the $55 mark. Now the stock appears to be breaking the neckline of a slanted Head-and-Shoulders pattern. Aggressive bears could target the 200-dma near $50.00.

 
 
  Linda Piazza   11/11/20,  3:11:26 PM
I am so tempted to enter a bearish trade on a move below the OEX low of the day, the possible confirmation level of the double-top formation on the OEX 60-minute chart, if such a move should occur, but am afraid of entering with less than an hour before MOC orders might blow us out of the water. With my before-the-market-opened game plan in mind, I'm going to try to refrain. If the OEX bounced up to 519-521, I would also be tempted at that point to consider a bearish entry, but even then I'd have to remind myself of my game plan for today, which was to stay out of the market on a holiday. If the OEX bounced above significant resistance at 521, I would not be so tempted to jump in with a long play, at least until I saw where the OEX opened tomorrow morning.

 
 
  James Brown   11/11/20,  3:07:08 PM
Just an observation but Microsoft (MSFT), both Dow and NDX component, is breaking down under support at $26.00 and its simple 200-dma.

 
 
  Jeff Bailey   11/11/20,  3:02:02 PM
Dow Transports (TRAN) 2,927.46 -0.87% ... close eye on the TRAN here based on Thursday eveninging's Index Trader Wrap. Link Here's updated weekly interval chart of TRAN. Link

Bulls in United Parcel (UPS) $72.38 -0.44% from 10/14 Market Monitor (02:45:07) Link may want to have exit strategy in place should UPS see near-term weakness below $72.00.

 
 
  Linda Piazza   11/11/20,  3:00:38 PM
The OEX is now breaking below 517.50 support. OEX 516.70-517.25 is also a support zone.

 
 
  James Brown   11/11/20,  2:55:52 PM
No doubt there are some differing opinions on AMGN. The stock is bouncing from its lows today near $58 and from the looks of it the bounce could continue tomorrow. Yet I'll be surprised if it closes back over $60 (and really surprised if it can reclaim $61) without some big bullish movies in the broader market averages to help it. The stock has been falling with big volume (see mid October and recently). It has broken daily and weekly historical price support as well as multiple technical levels. There is a good two to three weeks of price congestion in the 57.50-59.00 range from last March through early April and this could be seen as more support. However, I think this is one time where the stock might exceed its P&F vertical count.

 
 
  Linda Piazza   11/11/20,  2:44:41 PM
I was looking at the wrong time chart when studying Keltner band resistance in my 14:42 post. Next resistance actually is lower, between 518.40 and then again at 519.20.

 
 
  Linda Piazza   11/11/20,  2:42:50 PM
Next OEX resistance is at 519.35. I wouldn't be surprised to see a late-afternoon spike carry about next resistance on a day like today, however.

 
 
  Jonathan Levinson   11/11/20,  2:38:19 PM
Day low for the p/c ratio at .97. Day low for GE at 28.01. Almost a day low for my eyelids...

 
 
  Linda Piazza   11/11/20,  2:34:23 PM
The OEX broke down out of the five-minute symmetrical triangle portrayed in my 14:05 post, but trades sideways since breaking down out of that formation, holding above 517.50 support. This is the kind of trading we can expect to see on a day like today, when our technical tools aren't as useful as they might be otherwise. Although it's natural and normal for prices to come up to retest broken support and establish it as resistance, I'm not so sure that's what's happening now. This may be just meandering and it's still possible for almost anything to happen, including a spike up to test 520.80-521 resistance or a plunge below 516.80-517.25 support. It seems to me that much effort has been expended to keep the OEX above that support, however, and I suspect that effort will continue throughout the rest of today.

 
 
  Jeff Bailey   11/11/20,  2:21:24 PM
Sector Bullish % data ... Jeff: Could you please send me the source of the Bullish Percent Data for the Biotechnology Indices (both BTK and BBH). I have read your very timely article in this weekend's Ask the Analyst column, but could not get StockCharts to produce bullish percent data for the symbol BPBIOM, which you referred to.

Do you think now is a good time to take a partial bullish position in biotechnology?

As discussed in this weekend's Ask the Analyst column, the sector bullish % data is from Dorsey/Wright and Associates Link.

Biotech stocks I'd be interested in for PARTIAL bullish positions would be those like an Amgen (NASDAQ:AMGN) $58.88 -0.4%, that NEARS A BEARISH VERTICAL COUNT, which might have been a longer-term bearish objective as no bullish catalyst presented itself, stock traded lower with no catalyst, and now, at some point in the future, (3 months or more) a bullish catalyst is on the horizon. In generally WEAK sectors, I'm only interested in stocks that have come close to a BEARISH vertical count, or stocks that have pulled into BIG bases of past support, and have plenty of UPSIDE to bullish vertical counts.

Please remember.... bullish and bearish vertical counts are to be used for RISK/REWARD assessment and can either never be met, but sometimes not only achieved, but exceeded!

 
 
  Jonathan Levinson   11/11/20,  2:17:31 PM
The put to call ratio printed 1.0 for the past half hour. The lack of a bounce on these persistent readings is telling, and either indicates a trend change, and possibly the desire of those who can do so to pin prices so as to lure bears into one last trap. It could be a combination of both. Nevertheless, I can't recall the last time we saw a whole day of >1.0 readings like this.

 
 
  James Brown   11/11/20,  2:09:10 PM
For any bears still willing take a swing at the homebuilders Centex Corp (CTX) may have produced a failed rally at the $98 level. Momentum traders may want to wait for a drop under the $95 mark, where the decline stalled yesterday.

 
 
  Jim Brown   11/11/20,  2:09:09 PM
Over 200 late reporting companies announce earnings over the next three days. Of those the most watched will be AMAT on Wed and DELL, WMT on Thr.

 
 
  Linda Piazza   11/11/20,  2:08:41 PM
We did not have the usual stop-running push, at least not during the usual time for such a stop-running push. Sometimes when that happens, afternoon trading gets held in a tight range, which would fit with the scenario for today. I would not consider a breakdown of the pattern I noted in my 14:05 post as being confirmed until a move below the low of the day, however.

 
 
  Jeff Bailey   11/11/20,  2:07:40 PM
QQQ $35.00 -0.53% .... out of pure boredom I'm going to take today's high/low and project a close of $35.00 to see what tomorrow's DAILY Pivot matrix levels would look like.

Using h- 35.30, l-34.86, c-35.00 ....

S2= 34.61, S1=34.81, P= 35.05, R1= 35.25, R2= 35.49.

Will take note of DAILY S2 $34.61 darned close to WEEKLY S2 of $34.62.

 
 
  Linda Piazza   11/11/20,  2:05:59 PM
Here's what I'm watching on the OEX five-minute chart: Link

 
 
  Jonathan Levinson   11/11/20,  2:02:05 PM
Credit to my friend Grot.

 
 
  Jim Brown   11/11/20,  2:01:26 PM
Laughing out loud! Jonathan, you come up with some of the best pictures.

 
 
  James Brown   11/11/20,  2:01:04 PM
That is the funniest image, Jon!

 
 
  Linda Piazza   11/11/20,  2:00:28 PM
The OEX currently tests the ascending trendline off today's low.

 
 
  Jonathan Levinson   11/11/20,  2:00:20 PM
Bigtime, Jim. It would have taken at least a "beat-by-a-penny" out of either of those flicks, and I thought they were both downside surprises. Sell. Speaking of "beat-by-a-penny"... Link

 
 
  Jim Brown   11/11/20,  1:57:35 PM
Jonathan, You mean your "bullish" expectations were priced into the movies and you came away wanting to sell the news?

 
 
  Jonathan Levinson   11/11/20,  1:53:10 PM
I'm still trying to recover from my disappointment in the 2nd movie, as well as T-3. Awesome effects in these two, but the storylines really let me down.

 
 
  James Brown   11/11/20,  1:51:49 PM
Interesting movie but did it answer all the questions the 2nd movie generated?

 
 
  Jim Brown   11/11/20,  1:45:08 PM
The third sequel in the Matrix series passed $100 million in sales yesterday and put the series in the top of the all time money maker list. If you are a fan I have a great Matrix screen saver I will send to anyone that is interested. Runs great on multiple monitors.

 
 
  Linda Piazza   11/11/20,  1:40:32 PM
Be careful. We're approaching that stop-running time of day.

 
 
  Linda Piazza   11/11/20,  1:29:27 PM
Markets have held up fairly well today, so why did my 13:13 post mention being tempted to enter a bearish play? Simple: the OEX is below the 60-minute 100/130-pma combination, so I have a sell-the-rally leaning while that's true. It's also just below the midline of the OEX's rising regression channel on the daily chart, confirming that sell-the-rally slant. It trades within the bottom half of the widest of the five-minute Keltner channels I watch, also confirming that slant.

However, a move above 520.80-521 would change all those "below" references to "above" references. I'd like to see a move up toward that level and then a rollover, but a punch through 521 would have me reassessing the possibility of a long play (but not today). A rollover would have me considering an entry today, now that 30-minute and 60-minute 5(3)3 stochastics have climbed out of the cellar.

 
 
  Jonathan Levinson   11/11/20,  1:27:58 PM
Dec gold is up 1.70 at 388.40, silver -.03 at 5.06. HUI is up 1.39 at 209.73, XAU +.91 at 97.1.

 
 
  James Brown   11/11/20,  1:27:47 PM
Ouch! Shares of Harman Intl (HAR) are getting hammered. For the last several weeks this stock would not go down. The consolidations were sideways before its next surge higher. Now we're finally seeing some profit taking. Shares have dropped from $131.50 to $119.47 in two days.

The next clear support level is HAR's simple 50-dma near round-number and historical support near $110.

Shareholders will be voting soon to approve the company's recently declared stock split.

 
 
  James Brown   11/11/20,  1:14:49 PM
President Bush speaking about progress in Iraq right now (at the Heritage Foundation).

 
 
  Jane Fox   11/11/20,  1:13:24 PM
The only significant economic release tomorrow is the 7:00ET weekly Mortgage Bankers Association's Mortgage Applications Survey. Last week the index rose 5.5% to 685.2 well of the May peak of over 1800. Prior numbers are (composite index, weekly % change, REFI index, weekly % change):
October 17th 652.8, 0.5%, 2204, -5.8%
October 24th 649.6, -0.5%, 2311, 4.9%
October 31st 685, 5.5%, 2319, 0.3%

 
 
  Linda Piazza   11/11/20,  1:13:09 PM
Perhaps it might be important to note that the OEX has only briefly moved outside a rather tight range today. If you keep a trader's notebook or diary, you might make note of the day's trading pattern in relationship to volume on this holiday. This is the reason I was worried about jumping in with a position today. However, it is certainly tempting to consider a bearish entry (possibly to be carried overnight) if we get a test of 520-521 this afternoon.

 
 
  James Brown   11/11/20,  1:05:13 PM
Current OI put play PACCAR (PCAR) is down another 1 percent, making this the fifth decline in a row. Shares have broken the wedge-like pattern, traded below the mid-October lows and are about to break the late September lows. Chart readers will also notice the rising volume on the recent declines.

 
 
  James Brown   11/11/20,  12:58:55 PM
The rising price of oil may finally begin to wear down the airlines. The XAL airline index has put together to back-to-back losses. They're mild drops but today's move does break the simple 50-dma.

Meanwhile currently OI put play JetBlue Airways (JBLU) dropped strongly yesterday and is down another 0.5% today. The stock is getting close (just $2 to go) to our target near $50. Short-term traders can jump in front of the crowd and exit near $51.00.

 
 
  Jeff Bailey   11/11/20,  12:58:08 PM
Amgen (AMGN) $58.9 -0.59% ... session low has been $58.13. Getting darned close to its bearish vertical count of $57.00.

Maybe it does if QQQ trades WEEKLY S2?

 
 
  Jeff Bailey   11/11/20,  12:52:17 PM
S&P Banks Index (BIX.X) 330.16 +0.13% ... here's a quick look at BIX.X with WEEKLY/MONTHLY retracement overlaid. Link

Those following trade in the WEEKLY Pivot matrix will note INDU, DIA, SPX, NDX, QQQ have traded their WEEKLY S1's, but seem to be holding firm. To get a target of WEEKLY S2s, need the BIX.X to edge back to its WEEKLY S1, then look for rebound back higher.

If BIX.X starts to bid back above WEEKLY Pivot, then could see retest of new highs not only in the BIX.X, but major indices as well!

 
 
  James Brown   11/11/20,  12:50:53 PM
The BTK biotech index has put together two hefty declines in a row. Yesterday it lost about 3 percent and it's close to repeating that performance today. The new low today has broken the trend of relative higher lows. A retest of the 425 level and potentially its 200-dma may be in order.

Our OI put play in Amgen (AMGN) is also down again today but it is bouncing off its intraday lows. Traders may get another opportunity to target a failed rally under $60.

 
 
  Linda Piazza   11/11/20,  12:43:21 PM
OEX 519.60 or so should be next resistance, although I also see resistance slightly lower, at 519.20 or so.

So far, the OEX has been holding in a range, not able to push above resistance, as I thought might happen. I also didn't think that there would be much more downside today, as has also proved true, so far. It's that "so far" that I've begun to question, however. I wanted to see the 30 and 60-minute 5(3)3 stochastics cycle up and turn down again. The 30-minutes have already made a bearish cross after moving up only midway into their cycle.

 
 
  Jonathan Levinson   11/11/20,  12:35:11 PM
The CBOE put to call ratio is down to 1.01, with the VXO holding at 18.29. Still a stunning lack of movement here, but the short cycle wavelet dip is reversing, still within the ongoing upphase off the lows earlier this morning. Lack of momentum during this upphase bodes ill for the next downphase, but so far, the bulls still have the ball on the intraday timeframes.

 
 
  James Brown   11/11/20,  12:28:23 PM
amen, Jeff!

 
 
  Jeff Bailey   11/11/20,  12:22:41 PM
Veterans ... I just wanted to take a moment and say thank you to those veterans out there that have served our country. Words cannot describe/explain my thanks for the sacrifices you have made to make sure our country is safe and secure.

 
 
  Linda Piazza   11/11/20,  12:17:33 PM
In my 11:07 post, I noted the possibility of an inverse H&S being formed on the OEX five-minute chart, with a possible truncated right shoulder and a neckline already breached or with a possible right shoulder still to be formed. The just-completed move down negated that possible pattern. It was interesting, though, to watch because when the decline reached a point at which it would naturally have rounded up into a right shoulder, it actually began rounding up. I was about to type a post about that formation and the possible right shoulder when the OEX dropped again. While the OEX might still move up, it won't do it in the context of that possible inverse H&S.

 
 
  Jeff Bailey   11/11/20,  12:10:06 PM
Semiconductor Index (SOX.X) 511.13 +0.09% .... showing relative strength today against broader technology. Just doesn't want to give up Wednesday's low of 508.84 to round-number 500 at this point.

 
 
  Linda Piazza   11/11/20,  12:06:10 PM
The OEX has dropped below the 50% retracement of the climb off its morning lows. That's a bearish development that is causing me to reassess my consolidation-to-slight-climb scenario for today. So far, resistance is holding as I thought it might do and support is holding, too, as I thought it might do. I'm just beginning to question whether that support will continue to hold today.

 
 
  Jonathan Levinson   11/11/20,  11:50:56 AM
The short cycle upphase has gone almost nowhere off the lows of the day, but is still intact, despite the wavelet rollover in progress. It won't last forever, however, and when it ends, I expect the downside to be substantial if this weakness persists until then. Gold and silver have pulled back off their highs, but without bonds, it's difficult to get a feel for wha's happening. So far, it is not bullish.

 
 
  Linda Piazza   11/11/20,  11:41:00 AM
Donchian channel update: Yesterday, the 10:30 candle would have triggered a bearish trade on a Donchian channel breakout, with that close being at 519.10. At the time the trade would have triggered, the 21(3)3 stochastics were already showing oversold conditions, a parameter sometimes associated with successful Donchian channel breakout trades but ADX still measured 23.54, a condition sometimes associated with iffy Donchian channel breakout trades. That trade would not yet have been exited by either of the two exit systems I tested.

Last week, on 11/06, an upside breakout occurred at the close of the 3:00 candle, at a price of 523.66. ADX was also above 18 on that signal, at 24.66, hinting at an iffy trade. One type of exit would have exited the next day at the 522.61 close of the 12:00 candle for a one-point loss. The other would not have exited until the maximum four-point loss was hit yesterday.

 
 
  Jonathan Levinson   11/11/20,  11:24:50 AM
GE is printing a session low here, -.35%.

 
 
  Linda Piazza   11/11/20,  11:22:02 AM
OEX 30-minute and 60-minute 5(3)3 stochastics and RSI have been pulling themselves up out of the cellar this morning, something that I thought needed to happen today. If the OEX stays under 521 resistance while those stochastics cycle all the way up toward overbought levels and turn down again, that might be considered a bearish sign.

 
 
  Linda Piazza   11/11/20,  11:18:26 AM
With the exception of new highs vs. new lows, volume patterns remain bearish, as they have been all day. At 138 new highs to 24 new lows, even that pattern is showing a downward trajectory today.

 
 
  Jeff Bailey   11/11/20,  11:09:50 AM
QQQ $35.11 -0.19% .... a morning patriotic rebound looks to be taking hold this Veterans day, and this uplifting American pride was not something I had factored into today's bearish profile of the QQQ, and most likely I should have on the thoughts of market psychology.

As such, I'm going to lower stop on previously profiled bearish trade in QQQ from $35.42 to $35.37, just in case.

 
 
  Jonathan Levinson   11/11/20,  11:07:59 AM
Put to ratio down to 1.19, still very high.

 
 
  Linda Piazza   11/11/20,  11:07:27 AM
Perhaps the OEX might climb all the way to 521 after all. The five-minute chart shows an inverse H&S with a head at today's low, and with the last two five-minute candles having bumped above the descending neckline. Since the right shoulder is so out of balance with the left shoulder, however, it's possible that wasn't the real right shoulder and that the right shoulder has yet to be formed. It's also possible that it isn't a valid inverse H&S at all.

 
 
  Linda Piazza   11/11/20,  10:51:35 AM
Here are a few things I'm watching on the OEX 30-minute chart: Link The 60-minute chart (not shown) reveals 100/130-pma's that are just below the top red horizontal line rather than just above it, as in this chart.

 
 
  Linda Piazza   11/11/20,  10:42:57 AM
As of a few moments ago, volume patterns continued to be bearish, with adv:dec ratios at 9:19 for the NYSE and 7:21 for the Nasdaq. Down volume was 2.7 times up volume on the NYSE and more than three times up volume on the Nasdaq. Total volume was only 234 million on the NYSE and was 452 million on the Nasdaq. New highs had inched up to 119, still far below the typical levels for this time of day of late, but still far above the 21 new lows.

 
 
  Jonathan Levinson   11/11/20,  10:34:44 AM
The put to call ratio made it up to 1.21, and that's a buy signal on this secondary indicator. The TRINQ is neutral at .94, TICKQ -84, and the VXO +.39 at 18.34. I expect a bounce here following the short cycle oscillator upphase that kicked off approx 30 minutes ago.

 
 
  Jeff Bailey   11/11/20,  10:34:27 AM
S&P Banks (BIX.X) 329.87 +0.04% ... bids fractionally green. Session low of 329.03 hasn't been close to its WEEKLY S1 of 327.87.

 
 
  Linda Piazza   11/11/20,  10:29:35 AM
What I expected to happen today was for the OEX to move up just below 520 or perhaps just below 520.80-521, perhaps from the current level or from 516.50 or so. With that being the scenario I'm considering, I don't want to be either long or short right now, but there's always the danger that this is the wrong scenario.

 
 
  Linda Piazza   11/11/20,  10:21:29 AM
I'm doing battle with myself this morning to keep from calling a bearish entry, continually reminding myself of those oversold intraday indicators and that note I wrote myself about the OEX's range more than a week ago. It looks to me as if the OEX is ready to topple over and this morning's action is anything but bullish, but I'm worried about the light volume.

However, the OEX is now testing the confirmation range for the double-top on its 60-minute chart, and I may just have to consider that bearish play after all if it doesn't soon rebound. I did expect that rebound from near the current level, but now I'm not so sure.

 
 
  Jeff Bailey   11/11/20,  10:18:00 AM
Microsoft (MSFT) $26.01 +0.03% Link .... continues to hug its 200-day SMA as support.

Short-term QQQ bear needs to see some near-term weakness in MSFT back to $25.50 level like that found in August, with thinking weakness in MSFT to $25.50 has QQQ at $34.62.

 
 
  Jonathan Levinson   11/11/20,  10:11:30 AM
The CBOE has corrected the put to call data to 1.03 for the first half hour, which is much closer to a buy than to a sell signal. VXO is up .45 to 18.40. The intraday oscillators on the Naz and SPX futures are way oversold and looking for a bounce- so far, no strength whatsoever.

 
 
  Jeff Bailey   11/11/20,  10:10:31 AM
Dow Transports (TRAN) 2,945 -0.26% .... looking for TRAN to pull into 2,900-2,925 area.

 
 
  Jeff Bailey   11/11/20,  10:07:20 AM
Sector trade broadly lower with Homebuilders (DJUSHB) 561.65 +1.91%, Gold ($HUI.X) 210.91 +1.2% and Retail (RLX.X) 384.51 +0.25% only sectors in the green.

 
 
  Jonathan Levinson   11/11/20,  10:06:40 AM
The p/c data is a bad print- they mis-added the "put" columns at the CBOE.

 
 
  Linda Piazza   11/11/20,  10:06:35 AM
The earliest volume patterns were bearish, but volume was extremely light, as all expected. Total volume was only 80 million shares on the NYSE as of a few minutes ago and 216 million on the Nasdaq. Notable is the fact that new highs number 99 with new lows, 15. That new highs figure is much lower than is typical this time of morning.

 
 
  Jonathan Levinson   11/11/20,  10:04:04 AM
CBOE reports the first half hour put to call ratio at .15. I don't believe that number- have never seen a reading that low. If it's not a bad print, then it's a strong SELL signal. Link

 
 
  Jeff Bailey   11/11/20,  10:01:29 AM
Index Trader Thoughts main reason I'm more bearish this morning is Nikkei-225 trade and its pullback to important near-term support. My thinking is that U.S. Indices more likely to trade back to WEEKLY R2s in somewhat defensive fashion.

Things I don't like at this point from bearish Index view is stable dollar and bid in gold stocks $HUI.X 211.37 +1.45%, as this type of trade, without bond market observation, somewhat bullish.

 
 
  Jonathan Levinson   11/11/20,  9:59:49 AM
Gold is solid so far, with the Dec contract up 1.80 at 388.50, HUI up 3.35 at 211.69, XAU +1.58 at 97.77. silver is still begative but almost back to unchanged.

 
 
  Jonathan Levinson   11/11/20,  9:57:00 AM
There are no expiries from the Fed today, and I believe that our Central Bankers are off for the day.

 
 
  Jeff Bailey   11/11/20,  9:56:43 AM
QQQ $35.00 .... This is rather important intra-day support right here. Not only from 5-MRT RED #2, but also our WEEKLY/MONTHLY pivot analysis retracement. When broken, QQQ should work its way to WEEKLY S2.

 
 
  Linda Piazza   11/11/20,  9:55:22 AM
The OEX is falling beneath its 30-dma, with the 50-dma below at 515.68. I'm still too worried about support in the 516.50-517 level to feel comfortable entering a bearish play here with the 30-minute and 60-minute oscillators indicating oversold conditions. I may regret that decision later.

 
 
  Jeff Bailey   11/11/20,  9:52:50 AM
QQQ $35.02 -0.44% ... here's intra-day chart for my bearish profile of QQQ from $35.20. Link

 
 
  Linda Piazza   11/11/20,  9:35:20 AM
The OEX first five minute hit a high of 518.65 and a low of 517.67. The midpoint of that range lies at 518.16, with the OEX currently above that midpoint, indicating early strength. This morning, I noticed a note that I had typed at the bottom of my notes more than a week ago as a reminder to myself. Here's what it reads: Between 516.70 and 525, the OEX must be considered as being inside a trading range. With the OEX having neared the bottom of that range this morning, it's possible that we'll see a climb, just another gyration within that range. It looks to me as if the OEX might hit massive resistance near 520.80-521, though. Although the OEX can cut right through those resistance levels on a light-volume day, I'm not tempted to play the upside here.

 
 
  Jonathan Levinson   11/11/20,  9:33:48 AM
GE is printing a session high here at 28.17, back to unchanged.

 
 
  Jeff Bailey   11/11/20,  9:32:48 AM
QQQ $35.20 +0.05% .... Bearish profile in the QQQ here, stop $35.42 to start, target $34.62.

 
 
  Jeff Bailey   11/11/20,  9:29:30 AM
EchoStar (DISH) $36.80 Link ... lower at $34.52 after after the company reported Q3 EPS of $0.06 per share, which was 10-cents below consensus. Company said its Board of Directors has authorized stock buy back of up to $1 billion.

DISH's PnF chart is near-term bearish with a bearish vertical count of $30.00.

 
 
  Keene Little   11/11/20,  9:26:13 AM
Good analysis Linda. Makes sense. My EW pattern says we rally today. The only thing I'm not sure about yet is whether the rally will simply be a correction of the decline from Friday, or to new highs.

 
 
  Linda Piazza   11/11/20,  9:22:46 AM
To start off, my thanks to those of you who have or are serving in our armed forces.

I've been thinking about the OEX today in the context of holiday trading. Daily oscillators show more downside possible, but I wonder if that downside is going to come today. With light volume expected and 30-to-60-minute charts showing oversold conditions, I'm wondering if there's a lot of downside left today. If I were the manager of a fund who was looking to book some gains, would I do it today? I don't think so. In a light-volume context, even a mediocre-size sell program might send the indices much lower, so I would probably want to use today to prop up the markets if possible, hoping to sell into higher levels and higher volume later in the week. How could I do that? Some light buying, perhaps.

Of course, I'm not a fund manager and never have been and this thinking could be way off base, but some charts show a possibility for a steadying day of consolidation or for a climb today, although I would expect that climb to hit significant resistance. Near the close yesterday, we kept seeing those strange spikes higher, too. Those kinds of spikes on a light-volume day could be exaggerated. So, I find myself cautious about taking a position again today. I'm going to have to be convinced to participate on a likely light-volume day, even though we've finally gotten another test of the 60-minute 100 and 130-pma's.

 
 
  Jeff Bailey   11/11/20,  9:17:16 AM
09:00 Update posted at this Link

 
 
  Jeff Bailey   11/11/20,  8:40:35 AM
Looking for a test of WEEKLY S2s here in U.S. today. Japan's Nikkei-225 did see trade below the 10,150 level last night at 10,112.10. Link

 
 
  Jonathan Levinson   11/11/20,  8:38:14 AM
Dec gold and silver are at their session lows here, gold 386.50, silver 5.06.

 
 
  Linda Piazza   11/11/20,  7:10:16 AM
Good morning. The Nikkei opened down almost 100 points but the damage wasn’t over at the open. At one point the Nikkei was down almost 400 points. Although the Nikkei managed to climb off that low, it still closed down 297.50 points or 2.83%, at 10,207.04. The day’s low was hit soon after the release of September’s machinery orders, showing an unexpected 1.6% drop from the previous month. Banks, Internet-related stocks, techs, and automakers declined. Banks fell after a press conference with Prime Minister Koizumi, with the prime minister promising to speed up banking reforms. Internet-related stocks fell on the disappointing outlook by Softbanks’ CEO in the company’s earnings report after Monday’s close. Chip stocks fell throughout Asia as a Forrester report indicated that IT spending might remain soft next year.

Other Asian bourses dropped, too. The Taiwan Weighted fell 0.61% and South Korea’s Kospi fell 1.10%. Singapore’s Straits Times dropped 2.49% and Hong Kong’s Hang Seng fell 1.26%. China’s Shanghai Composite was one of the few bourses to climb, gaining 0.26%.

Most European bourses currently trade down, too, despite a ZEW Institute number showing Germany’s November investor confidence rising to a higher-than-expected 67.2. Tech stocks continued to react to the disappointing results of Infineon Technologies (IFX) and also to the Nasdaq’s decline yesterday. DaimlerChrysler also fell after releasing disappointing results. Banking concern UBS bucked that trend, however, gaining after reporting better-than-expected profits and an upbeat forecast.

Currently, the FTSE 100 is down 11.80 points or 0.27%, at 4330.00. The CAC 40 is down 27.68 points or 0.81%, at 3397.51. The DAX was down 26.05 points or 0.70%, at 3720.19.

 
 
  Jeff Bailey   11/10/20,  12:36:39 AM
Pivot Matrix for tomorrow at this Link

 
 
  OI Technical Staff   11/10/20,  12:36:32 AM
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