What a remarkable week, capped off with a solid Friday session. For the first time since August, there were more new highs than lows on the New York Stock Exchange (NYSE).

And the NASDAQ Composite saw an astonishing improvement from 600 more new lows than highs to only 28.

Breadth & Heat

Advancers swamped decliners on both the NYSE and NASDAQ, while buyers continued to have far more conviction and determination than sellers.

Market Breadth	NYSE	NASDAQ
Advancers	2,416	3,358
Decliners	486	956
New Highs	82	63
New Lows	18	91
Up Volume	3.76 billion	3.78 billion
Down Volume	778.20 million	1.13 billion

Only Energy (XLE) slipped on Friday, and Real Estate (XLRE) continues to post an impressive rebound.

Mega-Caps Step Up

For the week, mega-cap names were amazing, although Apple (AAPL) continues to struggle to maintain its upside momentum.

Earnings Calendar

Key Charts

The S&P 500 needs to build a base above the 200-day moving average, then clear 4,400.

The Russell 2000 has erupted higher but must power above its 50-day moving average.

Today’s Session

Futures are flat this morning following last week’s blockbuster rally. Crude futures rose more than 1.5% after Saudi Arabia and Russia reaffirmed their supply curbs through year-end.

The ten-year yield is higher after having slid recently from the 16-year highs reached last month.

Comments

Charles, your earlier report was outstanding, including the non market references. Thanks. neil bradie on 11/6/2023 9:40:35 AM

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