November lows in SPX are what’s necessary to hold from a risk management perspective

US Equity trend in SPX and QQQ are still bullish but Equities look to have entered a choppier environment which is bringing about some consolidation before SPX can push back to new highs.  While I believe that last week’s lows should represent the probable lows for November, I’m unwilling to think that an immediate push back to highs is imminent. Many investors who are involved in many AI, Quantum, or Crypto miners, not to mention Precious metals stocks, since October can attest to this market feeling much worse than what the technical trend of SPX and QQQ might suggest. While Emerging markets and various commodities have begun to strengthen, it’s likely that Crude oil is entering a trickier period in the months ahead.  At present, I feel that this week’s drawdown should be nearing support over the next few days into next week. However, if November lows are violated, this would represent an unexpected, but bearish development that I cannot rule out at this time. For those concerned with risk management, the areas of SPX 6631 and QQQ-598.68 are paramount to hold. 

As seen below, $SPX has neared the area of officially filling the gap from last Friday to this past Monday’s surge higher.  This “should” be an important area that results in support for $SPX.

Technology stocks like $AAPL, $AMD, $AMZN, and $GOOGL have held up quite well in recent weeks.  While $NVDA has pulled back along with many other Semiconductor stocks from earlier week resistance, one cannot be truly bearish on $NVDA in the near-term unless $178.91 is broken, the area near last Friday’s lows.

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