By: Jeff Cooper
Hit and Run Trading Morning Report - November 24, 2023
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There is little new information to glean from Wednesday’s trade and
Due to Thanksgiving we will keep this short and to the point.
1) The SPX rally filled a gap down from the summer top. The gap is on August 2nd.
2) The next chart is of the McClellan Oscillator. It focuses on the divergent signals both bearish and bullish..
If you take the time to study the chart and the signals, you can’t help but be impressed.
The signals have a high degree of accuracy.
We just got a divergent sell signal.
Nothing says it can’t reverse, but we do have the signal.
Not only do we have this signal occurring into the open gap but it is also occurring into our potential November 22 turning point date.
3) As well, we have a possible Time/Price square-out on the table:
457/458 (4570) squares November 22.
Wednesday’s SPX high was 4568.43.
Could the index squeeze higher to perfect the square-out today.
So far the SPX has rallied 150 points further since turning its 3 Week Chart up on trade over 4418.04.
That is a bullish near term complexion for the market until proven otherwise.
That otherwise in part would be a failure below 4418.
That said that region is a likely “target” for a correction.