{"id":50724,"date":"2019-11-25T01:07:11","date_gmt":"2019-11-25T09:07:11","guid":{"rendered":"https:\/\/drduru.com\/onetwentytwo\/?p=50724"},"modified":"2019-11-25T01:07:14","modified_gmt":"2019-11-25T09:07:14","slug":"t2108-update-191122","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2019\/11\/25\/t2108-update-191122\/","title":{"rendered":"A Stock Market Content to Drift Higher No Matter What – Above the 40 (November 22, 2019)"},"content":{"rendered":"\n

AT40<\/strong> = 53.7% of stocks are trading above their respective 40-day moving averages (DMAs)
AT200<\/strong> = 52.7% of stocks are trading above their respective 200DMAs
VIX<\/strong> = 12.3
Short-term Trading Call<\/strong>: neutral<\/p>\n\n\n\n

Stock Market Commentary<\/strong><\/h2>\n\n\n\n

The S&P 500 (SPY) pulled back slightly last week as the stock market’s underlying bearish divergence<\/a> finally proved too heavy. Yet, the pullback was extremely mild especially relative to the political drama unfolding with impeachment hearings in the U.S., Hong Kong erupting into a spreading revolt, and on-going gyrations with the on-again, off-again partial deal in the Trade War. All things considered, the stock market’s behavior is quite consistent with a seasonally strong period for stocks<\/a>. As the stock market’s stubborn resilience seems to grow, it gets increasingly hard to fathom a catalyst that can trigger a real pullback. In the absence of such a reset, I am bracing for a strong rally that surprises everyone yet leads into a big blow-off top early next year. <\/p>\n\n\n\n

\"The
The S&P 500 (SPY) churned the last three days, but the index bounced strongly off its intraday lows.<\/figcaption><\/figure><\/div>\n\n\n\n
\"The
The NASDAQ (COMPQX) is in churn mode after creating a spinning top-like (doji) candle at the last all-time high.<\/figcaption><\/figure><\/div>\n\n\n\n