November 10, 2023

Good morning. Wild trading session yesterday. We saw a good number of names yesterday trying for gorgeous breakouts early on to only fail as price activity turned sour as Fed comments came streaming in throughout the day. This was our main concern yesterday as we noted in pre-market and why we wanted to be super patient yesterday. Our positions held well and we will be looking to potentially add a new trade today.

 

Monday should be electric as a new trading week will allow traders to have fully digested the Fed comments – which we already knew – and proceed to move forward. That line on the S&P is all the matters right now and we are headed into a bullish period overall for the markets historically. It’ll be interesting to see if they can push a different narrative and turn the price activity, which we would respect for the short term, but do doubt this changes the overall trajectory of this market to end 2023 and welcome in 2024.  The overall technical picture for this market remains super strong…it’s undeniable.