In the first week of November, major indexes pulled back from recent highs. SPY has already reached the upper boundary of the first target adjustment zone mentioned in Tuesday’s premarket note, which also aligns with the short-term trendline support shown in last weekend’s review video. Previous strong AI leaders have become the main force dragging the market down.
The U.S. government remains shut down. The non-farm payroll data scheduled for release today was not published. The Fed’s December meeting outlook is now uncertain.
Most stocks are down in premarket trading. Tesla shareholders approved Musk’s massive pay package with a 75% vote, but the stock dipped slightly and remains in a wide two-month range. ABNB beat expectations (+5%). Rare earth producer MP widened its loss (-6%), now down over 50% from highs. EXPE reported strong results and raised full-year guidance (+13%), while DKNG fell 7%.
SPY is testing the mid-term moving average support area around $667–663. A break below could trigger a medium-term correction, while resistance has moved down to around $674. Since today is Friday, hopefully the market can hold this key level and leave some suspense for next week. Risk control remains essential.
Individual stocks to watch are still the leading AI names. META plunged after earnings and is now close to the $620–580 target zone mentioned by #ValueClub# on the ER day. MSFT is testing the lower boundary of its three-month range in premarket, and NVDA is near its mid-term moving average. All are at critical levels — make or break, depending on intraday price action.
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