TA Page Scans
22-Nov-23 08:12 ET
Technical Scans for Wednesday, November 22
There have been a slew of positive headlines since Tuesday's close. Nvidia's (NVDA) were spectacular as the chip giant blew away expectations for the third straight quarter. Israel and Hamas reached a temporary ceasefire. The OpenAI situation appears to have stabilized. The Fed minutes (released at 2pm ET) were dovish as it appears the bar for another rate hike has risen.The parade of good news has investors scratching their heads as to why markets have not ripped higher. We discussed the average returns during Thanksgiving week on Monday. The two strongest days tend to be T-1 (Today) and T+1 (Friday). However, we saw a +0.5% in the S&P on Monday suggesting there may have been some pull forward to the average Turkey week rally. That does not even take into consideration the double-digit rallies we witnessed the three weeks prior. The point is that we have a market that is priced to perfection. Investors will be greedy when it comes to the headlines.The bar for moving markets higher...
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