EarningsBeats Daily Market Report - Friday, November 22, 2024

Dear Members.

First, we're kicking off our Annual Membership Fall Special, a great way to save money! Just click on this link to learn more: https://www.earningsbeats.com/public/Fall-Special-03-Save-200.cfm

Next, we're seeing continued interest in stocks with all of the major indexes higher as we get ready to close out another trading week.

One thing we're seeing is a rotation to small cap stocks with the Russell 2000 having a nice day with the IWM looking like it wants to challenge recent highs. This is right in line with what Tom Bowley discussed during this past weekend's webinar focusing on small cap stocks, The most recent high on the IWM was 242.39 so if that level can be cleared we could see even higher prices.

Though the S&P is off its recent high, the bulls are likely to try to end the year on a positive note. They'll need to clear the all time high of 6017 which could easily be achieved with a few good sessions. To the downside we saw the S&P bounce nicely off of its 20 day moving average yesterday, currently at 5898, so let's keep an eye on that level in case we do see some selling.

Bottomline is the bulls continue to have the upper hand here in a very favorable season of the year. Let's see how the rest of the day plays out and Tom will be back with his Weekly Market Report on Monday.

At your service,

John Hopkins