NMS Investment Research

The index has been up for s even consecutive weeks and is now test ing the trendline resistance of the ascending channel ~ 4, 740. E verything went well at the FOMC meeting on Wednesday as further rate hiking appears to be off the table. The market is now pricing in at least three rate cuts in 2024. We would not be surprised if the S&P 500 makes a new all-time high (> 4,818.62) before the year-end, or early next year at the least. 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 index has now been up for six consecutive weeks and is continuing to retest 4,600. There's not much change in the direction of the market since 12/03/23. Here's the post from last week (12/03/23): " The index is now retesting the July 2023 high / 4,600. The S&P 500 was up for the f ifth straight week and could grind sideways along the trendlines until the FOMC meeting on Dec. 12 and 13. If everything goes well at the FOMC meeting, we expect the index to break above 4,600/4,640 before the year-end." 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 pulled back to retest a trendline support at ~ $234 after the company launched their Cybertruck last Thursday. The trendline support continues to hold up well despite a Reuter's report on Monday that Tesla's China-made EV sales fell 17.8% in Nov, the biggest drop since Dec 2022. There should not be a concern as long as the stock stays above its 50-/100-day EMA. This note contained herein is not and should not be construed as a recommendation to buy or sell. We have no position in TLSA. Clickhere to view the latest update !

  The bulls shrugged off Fed Chair Powell' s comment about the timing of rate cuts on Friday and took the S&P 500 higher for the fifth straight week . The index is now retesting the July 2023 high / 4,600. The S&P 500 was up for the f ifth straight week and could grind sideways along the trendlines until the FOMC meeting on Dec. 12 and 13. If everything goes well at the FOMC meeting, we expect the index to break above 4,600/4,640 before the year-end. Just a reminder, the last time the index was up six weeks in a row was in Nov. 2019 when the Fed was pursuing their interest rate cut strategy to stimulate U.S. economic growth. 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!