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The popular averages close mixed on Friday. The Nasdaq Composite was dragged down by a poorly received earnings report from Nvidia (NVDA -18.8%). Industrial production inched up while capacity utilization inched down in October. Meanwhile the price of crude oil was unchanged while that for gold rose on Friday.


   Above is our 3-month chart of the S&P 500 exchange traded fund (SPY). Slippage by the SPY during early autumn is rather common, especially when moving into mid-term elections in which members of Congress in the same party as the president are viewed as vulnerable. October bottoms and volatility are not unusual, but they were especially pronounced in this year of divisive partisanship. This was amid the backdrop of enhanced uncertainty due to Trump’s tariff wars and rising interest rates.


   During October the SPY fell sharply under its 50-day and 200-day moving averages. Not good. However, the recent rebound was encouraging, especially the move back above the 200-day MA. Although the gap created between November 6 & 7 may have been cause for concern, and indeed it got filled on Monday, while the 200-day MA gave way.


   On Thursday and Friday the right shoulder of a potential bullish Inverted Head & Shoulders Pattern may have begun to form, as we head into a traditionally strong time of the year for the stock market. Thanksgiving week usually begins with a stumble before picking up into a holiday season rally.



















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© Curt Renz

  Stock Market Update

DISCLAIMER: Our commentaries are provided as general information and not investment recommendations. You are responsible for your own investment decisions. Our opinions are based on historical research and data believed to be reliable. There is no guarantee that results will be profitable. We are not responsible for errors or omissions. We may hold positions in vehicles that are mentioned.

Updated following  each market day

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