EB Daily Market Report - Friday, November 10, 2023

Dear Members:

A brief update today as Tom Bowley is in travel mode.

Traders are back in a bullish mood today with all of the major indexes higher as another trading week comes to an end.

Tech stocks are leading the market higher with the NASDAQ up 1.5% and with all of the major indexes remaining above all key technical levels. And the S&P is trying to regain the 4400 level for the first time since September 20.

There's really not that much more to say. A strong close would be bullish and set up the possibility of further gains. To the upside, the next key level of resistance on the S&P is 4461. To the downside, the bulls will want to hold the 50 day moving average, currently at 4337.

Finally, Tom asked me to pass this along to members:

"I've bought AVGO on today's breakout.  AVGO is one of the 16 stocks featured in my Bowley Trends Series pdf.  AVGO reports earnings on December 7th and has a strong history of running higher into its quarterly earnings reports, especially this one in December.  The fact that AVGO just broke out provides me additional confidence for this trade.  I like technical strength combined with a bullish seasonal pattern.  AMD and TSLA are the other two that really like the second half of Q4 (11/15-12/31).  Stocks like AAPL, MSFT, GOOGL, AMZN, META, NVDA tend to struggle during the upcoming period and into year end.  I'd be careful with those."

At your service,

John Hopkins