Bonnie’s Market Update 11/29/24

The rally continued in November. Ten of eleven S&P SPDR sectors were higher last week. Health Care XLV) and Real Estate (XLRE) were the leading sectors, while Technology (XLK) and Energy lagged (XLE). The SPDR S&P 500 ETF Trust (SPY) rose +1.18%.

S&P SPDR Sector ETFs Performance Summary 11/22/24 – 11/29/24

112924 SPDR Sectors

Source: Stockcharts.com

Figure 2: Bonnie’s ETFs Watch List Performance Summary 11/22/24 – 11/29/24

112924 Bonnie’s ETF Watch

Source: Stockcharts.com

Biotechnology and China led, while Emerging Markets, Semiconductors, and Gold lagged.

You can explore Bonnie’s market charts from last week and more HERE.

Charts to Watch:

Figure 3: UST 10YR Bond Yields Daily

112924 TNX Daily

Source: Stockcharts.com

The 10-year U.S. Treasury declined last week, closing at 4.178%, the lowest close since 11/21/24. Yields continuing to trend down are likely to support U.S. Equities. On the other hand, yields rising, closing over 4.750%, would likely put pressure on equities.

Figure 4: NYSE New Lows

112924 NYSE New Lows

Source: Stockcharts.com

New Lows on the NYSE are trending down and remain in a low-risk zone, closing at 30 (pink circle) on 11/29/24.

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Figure 5: CBOE Volatility Index (VIX)

112924 Daily VIX

Source: Stockcharts.com

The CBOE Volatility Index (VIX), a measure of fear, fell last week, closing at 13.51 (blue circle), a low reading and falling, which is positive.

Figure 6: Value Line Arithmetic Average

112924 VLE Weekly

Source: Stockcharts.com

The Value Line Arithmetic Index ($VLE) is a mix of approximately 1700 stocks.

VLE uptrend from October 2022 and October 2023 remains in effect. It’s bullish that VLE made a new high and closed in the upper range for the week.

VLE remains above the 50-day MA, which is rising (blue rectangle), and the 200-day MA (red rectangle), a sign of underlying strength.

Support is 11600, 10800, followed by 10400. It would continue to be positive if VLE holds support and closes above the high at 11856.24.

Small Caps Leadership Continues

Figure 7: Daily iShares Russell 2000 (IWM) Price (Top) and 12-26-9 MACD (Middle) and Money Flow (Bottom)

112924 IWM Daily

Source: Stockcharts.com

The top chart is the daily iShares Russell 2000 Index ETF (IWM), the benchmark for small-cap stocks, with a 50-Day Moving Average (M.A.) (blue rectangle) and 200-Day Moving Average (M.A.) (red rectangle) that traders watch and use to define trends.

IWM made a new high last week and remained in its short-term November uptrend, gaining +1.30% last week. Further strength closing above the high made on 11/25/24 of 244.48 would be positive.

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 Figure 8: Nasdaq Advance Decline line (Top) Nasdaq Composite (Middle) Nasdaq 100 (Bottom) 

112924 Daily Nasdaq Ad Line Nasdaq and Nasdaq 100

Source: Stockcharts.com

The uptrend remains for the intermediate term for the NDX Advance Decline Line, Nasdaq Composite, and NDX Index.

The bulls continue to get the benefit of the doubt as long as the uptrends remain intact. However, be alert for a potential correction to begin when the uptrends break.

You can explore Bonnie’s market charts from last week and more HERE.

 Figure 9: QQQ Weekly

112924 Weekly QQQ

Source: Stockcharts.com

It’s positive the QQQ intermediate uptrend from October 2023 remains intact.

A weekly close above 515.58 would be positive, while a weekly close below 480.00 will likely lead to some selling pressure. It’s a positive sign Money Flow is rising and is close to breaking the downtrend. Buying in the top holding Apple (AAPL), NVIDIA (NVDA), Microsoft (MSFT), and Broadcom (AVGO), which make up 30.18%, would help fuel the Nasdaq 100 (QQQ) higher.

Figure 10 APPLE (AAPL) Daily

112924 AAPL Daily

Source: Stockcharts.com

Apple continued to rise after gaining +2.16% the previous week, gaining 3.25% last week, closing near its weekly high.

MACD (middle chart) is on a buy. It is positive that the recent strength broke the July downtrend in momentum (green line middle chart) on rising Money Flow (lower chart gree narrow).

Continued strength above the top channel would be positive in the near term.

Apple Intermediate Cycle Due Soon

 Figure 11 APPLE (AAPL): Weekly

112924 AAPL Weekly

Source: Stockcharts.com

Apple closed near the top of its weekly channel. A close above 245.00 and AAPL remaining above 240.00 would suggest the intermediate cycle is a bottom, not a top. Time will tell.

For more of Bonnie’s market charts, Click HERE.

Summing Up:

The major averages were all higher last week on positive market breadth. Favorable seasonality remains. Historically, December is a favorite month and is not typically a time to get bearish. As long as support levels hold and there is no major unexpected news, the major averages will likely continue higher. Manage your risk, and your wealth will grow.

Let us get to know each other better. If you have any questions or want to explore charts together, contact me at Bonnie@Bonniegortler.com.

If you like this market update, you will love my free Charting Charting Master Class. Sign up HERE.

Bonnie S. Gortler

Bonnie Gortler, a Consultant, Coach, and Author, is a Wealth & Well-Being expert with over 35 years of experience in managing multi-million-dollar client portfolios at a top-rated investment firm. As the author of Journey to Wealth, Bonnie is dedicated to teaching the importance of risk management and achieving true financial well-being by integrating both the technical and mental aspects of investing. With an M.B.A. and certification as a life coach, Bonnie combines her passion for coaching, consulting, and blogging to inspire people globally. Her powerful techniques and winning mindset help others experience personal growth and financial success. Explore wealth-building tips, personal development strategies, and more at BonnieGortler.com, and discover how you can enhance your wealth and well-being.  


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