‘Main Street' Rebounds as AI Pauses
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Sizing Up the Market
- S&P 500 challenges resistance at 6,852 from 10/29 intraday low
- Consolidates above 6,775 (intraday high on 11/14)
- 50-day MA has slowed amid 2 months of sideways movement
- 9-day rate of change rises
- Intermarket indicators show few warnings: VIX, U.S. Dollar, yields
- “Risk-on” sectors take leadership: Tech, consumer discretionary, financials, energy
S&P 500, daily chart, with select patterns and indicators.
News & Views:
- Airlines & travel
- DAL sees strong demand into 2026
- BA reiterates turnaround as Airbus struggles
- Turkey, Swiss inflation fall
- Mexico faces slowdown risk
- Indian rupee hits new low against U.S. dollar
- ADP payrolls -32K, biggest drop since March 2023; small-business struggles
- But, last week’s initial jobless claims were the lowest since 4/12
- ISM services beat estimates on strong order backlog
Groups & Sectors:
- Brick & mortar comeback
- AEO, M, KSS, ZUMZ, ANF, RL climb after results
- Copper hits high on London Metal Exchange
- STLD, NUE, AA, FCX advance
- Recent gainers: TSM, MDB, ADI
- Fatigue?: MSFT, CRDO, PSTG
- IREN SYM drop on capital raisings
Sectors & Signals
- TSLA: 8-day EMA crosses above 21-day EMA
- TSM: Bullish outside day
- CAT: Bullish outside day & record closing high
- FCX potentially breaking 2-month range
- AMGN: Potential ascending triangle
- WFC: Record closing high
- Russell 2000 nears October’s record highs
Upcoming Events
- Earnings tonight: HPE
- Fri 12/5: Consumer sentiment
- Tue 12/9: JOLTs job openings
- Wed 12/10: Crude oil inventories, *FOMC + Dotplot*
- Thu 12/11: PPI
