NMS Investment Research

  The S&P 500 was up for the fourth straight week and could pull back this week to retest the November 20 breakout at ~4,500 . The l ast time t he index was up five weeks in a row was in June this year when the Fed decided to leave rates unchanged, following 10 consecutive hikes since March 2022. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

The S&P 500 broke above the key resistance level at 4,480 on Tuesday a fter the CPI for October came in flat, while core CPI rose at its slowest pace in two years . The index is now stuck under the trendline resistance ~ 4,515. Based upon statistics for the last 50 years that shows the index performed well most of the time during Thanksgiving week, there is a strong possibility that the S&P 500 could break out next week. The next key resistance level will be ~ 4,600. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

The dead cat bounce is confirmed. Fed Chair Powell 's hawkish remark s on inflation in Washington D.C. last Thursday sent the SET index tumbling 1.10%, back in a bearish downtrend channel. It looks like the index could pull back further to retest the trendline support at around 1,380. So, stay cautious under the 1,430 resistance level. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

There was no follow through on Friday, after the selloff a day earlier, following Fed Chair Powell 's remark s on inflation in Washington D.C. T echnically, the 4,337 support level holds and the rebound may continue to t he next resistance level s at around 4,460 and 4,480. Last week , Evercore ISI told their clients in the note that the S&P 500 may overshoot their year-end target as stocks are setting up for a rally into the end of the year, per CNBC. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

  Tesla stock took a deep dive (down 5.47%) on Thursday on concerns over their ambitious plans to sell 20 million EVs by 2030, per HSBC. EV demand has been slowing down and no one can tell when the boom times will be back.  The stock is now retesting the key $207.25 support level but could be heading down to test the $19 0 trendline support if the $207.25 level can't hold. Tesla stock has been trading under its 600-day EMA since October 18. One may want to pay close attention to the 50-day and 200-day EMA as they could cross over each other, forming a death cross, in a little less than 2 weeks. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

The Fed continued a pause on interest rate hikes but h igh interest rates in the U.S. still pose risks to the emerging markets as they become less attractive for foreign investors. The index remains in a bearish downtrend channel. So, stay cautious under the 1,430 resistance level. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

  The bears were caught off guard by a powerful S&P 500 re boun d off its key trendline support and a support level at 4,115. The index has now broken above the key resistance level at 4,337 and technically exited its correction territory. The S&P 500 may retest the 4,337 support level and/or bounce off from there. The next key resistance level is at 4,480. Last week, Oppenheimer reiterated their S&P 500 year-end target at 4,900, per CNBC. This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!