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SPX and QQQ have surged on above-average breadth and have carved out impulsive rallies over the past week.  This is likely a positive for gains to near early October highs into late this week.  However, it’s likely that volatility is approaching for both Equities and Treasuries and Yields might begin to lift again starting around 11/13.  While the extent of this initial lift off late October highs has been impressive, it should undergo consolidation into Thanksgiving holiday before rallies can continue.    

No change in thinking for US Equities.  SPX, and QQQ have shown some minor stalling following a period of sub-par breadth in recent days, yet from a price perspective, the rally over the last week has proven to be impressive.

Overall, I suspect that Thursday/Friday of this week should usher in a short-term peak, and US stocks should consolidate between 11/13 and 11/22.

A couple key takeaways are proper for QQQ, when looking at daily Symbolik chart below:

  • 1) QQQ’s minor downward sloping trendline was exceeded by price over the last couple days, which has not yet happened for SPX, DJIA, DJ Transportation Average, Russell 2k, nor the Equal-weighted S&P 500 ETF ($RSP)
This is certainly ...
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