Weekly Market 11/10/2024
Red Wave
Hello traders,
Last week we had a resounding victory for Trump and the Republicans with a clean sweep of Presidency, Senate and the House.
Markets took exceedingly well to this fact and Nasdaq surged 6% on the week.
As mentioned last week in the plan, markets did exactly that.
This made us be long the S&P futures on election night and if yours truly had held on to it, it would have been up 170pts or so (not like I was able to hold it that much :) )
As far as longer term predictions go, this newsletter had mentioned end of June that the SPX anticipated close 5970+ by EOY.
Some of the individual stock picks also got a huge momentum shift this week post the elections and Fed rate decision.
Citrini Research also has put out a long thesis on this stock on Sunday.
Go give it a read.
Moving on,
This week we have the all important CPI (Wed) and PPI (Thu) along with Fed Chair Powell (Thu).
Chair Powell had mentioned in the FOMC press conference that he is not as worried about inflation and that thesis would be tested this week.
The markets are firmly in control of the bulls and any strong sell would require a large surprise in either the inflation# or a miss by NVDA 0.00%↑ (Nvidia corp.) at their earnings.
The next 3-6 months due to Trump euphoria seem to be well positioned for the bulls and only thing bears have is the break of 5850/20280 on ES/NQ respectively.
Paid subscribers are requested to join the telegram at their earliest convenience. Link is shared in your welcome email.
Levels for the week:
Subscribers are urged to use the tradingview indicator to plot the levels.