US Dollar turns up sharply given weak Yen, Euro & could last into early December

US Equity trends remain choppy, but arguably have not broken down in a way that should give way to much more technical weakness.  Both SPX and QQQ look to be stabilizing near key support, which could lead to a bounce this week if NVDA’s conference call helps to sustain the momentum which has lifted its stock in after-hours trading post earnings on Wednesday. While many investors have started to turn more bearish, the technical trends cannot be considered bearish with prices above October lows in both SPX and QQQ. Furthermore, Equal-weighted SPX has also not broken down.   While market breadth and momentum have been under pressure for the last few months, the combination of cycles bottoming, DeMark exhaustion starting to form, along with Elliott-wave patterns nearing completion, is a reason to buy dips into late November. Overall, I am expecting a bounce vs. a breakdown in the days ahead. However, it remains paramount for a broad-based rally to start to get underway as December nears. Failure to mount a strong rally in December that helps to lift market breadth into year-end would likely prove to be a 1st Half 2026 problem. For now, I like positioning long and feel that NVDA’s results likely help the market recover.

No real change in commentary ahead of $NVDA earnings, which look to have satisfied concerns given strong revenues, strong earnings and a very good forecast. While Wednesday’s rally failed to generate sufficient technical momentum to break the ongoing downtrend, I suspect this will likely happen on Thursday as $NVDA’s earnings could help to spur on a Technology rally.

(Note, my Intra-day Flash Insight post from yesterday had some erroneous price data, which looked to be a faulty price feed from Symbolik.)

checkout-thomas-lee image
checkout-logo image

Become a Member To Access Fundstrat Research

Fundstrat Direct gives individual investors access to Tom Lee's research, previously only available to banks and hedge funds.

Monthly

$199/mo

First Month Free

Join Now

Annual

-15% $2,028/yr

List Price $2,388

Savings: $360/yr

Join Now

Why Join Fundstrat Direct?

Fundstrat Direct helps you invest confidently with the same research banks and hedge funds use to navigate the market.

Daily Strategy Icon

Daily Strategy from Tom Lee & Team

Stay ahead of consensus with daily updates on key developments & catalysts and opportunities ahead.

Real-Time Market Alerts Icon

Real-Time Market Alerts

Analysis on market-moving events and actionable opportunities delivered instantly from us to you.

Curated Stock Lists Icon

Curated Stock Lists

Choose the portfolio that best suits your investment style, preferred asset class, and time horizon.

Monthly Market Update & Top Ideas Webinar Icon

Monthly Market Update & Top Ideas Webinar

Attend engaging webinars with Tom & team featuring our top ideas and near-term market outlook.

Daily Technical Strategy Icon

Daily Technical Strategy

Receive tactical opportunities, actionable signals, and fundamental analysis from our proven research team.

Live Analysis on Your Holdings Icon

Live Analysis on Your Holdings

A monthly webinar featuring live analysis on member-submitted stocks and questions.

Disclosures (show)

Events

Trending tickers in our research