EB Daily Market Report - Thursday, November 2, 2023

Dear Members.

A brief report today as Tom is unavailable for the rest of the day.

History is on the side of the bulls today with all of the major indexes higher with the S&P leading the charge. 

More good news for the bulls is that both the S&P and NASDAQ are now back above their respective 200 and 20 day moving averages, a good start towards some technical repair.

Yields on US Treasuries continue to fall with the 10 year getting as low 4.62%, a full 35 basis points below its most recent high. And the VIX is lower as well, dipping back below 16 as fear eases.

After the bell Apple will be reporting its earnings. Then tomorrow we'll get the monthly non-farm payroll report. Both of these events could move the market so we'll be watching to see how traders respond.

If the bulls can maintain control here the next big test on the S&P will be the 50 day moving average, currently at 4347. To the downside the 20 day is at 4255, a level the bulls would like to hold in the event of any selling.

At your service,

John Hopkins