Market After The Close - Friday 3 November 2023

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3.618, The Magic Number

The S&P500, Nasdaq and Russell 2000 all hit a Wave Three high today at the 3.618 extension of the Wave 1 up that began early in the week. This is longhand for saying the market went nuts to the upside this week; in itself that was a reaction against the very heavy downward pressure seen since July this year. The Dow moved up a lot too today, just not as much as the others. All four equity indices are at a technical position which implies we could see some selling early next week. In staff personal accounts we added a small contingent of inverse 3x index ETFs across all four equity indices just before the close, to try to capture some of the downside. If these short hedge positions move into the green next week, we shall add to them.

Let's Get To It

Paying members, scroll right down for our latest take on markets. As always we look at the 10-year yield, the S&P500, Nasdaq-100, Dow Jones and the Russell 2000; we consider long-term and short-term outlooks, and we lay out staff personal account trading plans in each of the indices. We add Bitcoin and Ether futures pricing for good measure.

Note - to open full-page versions of these charts, just click on the chart headings, which are hyperlinks.