Market Update and Watchlist Changes

I want to give you a quick update before we go into the holiday tomorrow. Starting with the stock market. The advance has slowed down a bit this week after a violent rally. No surprise there. On the S&P we have taken out the September 1 high and filled the gap from August first. I mentioned we are entering a holiday weekend so look out for a change in trend. We are also 4 weeks into this rally and the fifth week can often mark a change in trend.

From a sentiment perspective I am starting to see a few major banks calling for new all time highs in the market in 2024 and for the S&P to hit 5000. This gives me a little bit of a pause as bulls are starting to get a little too confident, although I still stand that we will see new highs in January. If we are to get there though we will need a consolidation period likely into mid December.

As far as the Dollar goes it is respecting the .5 level as I mentioned on Monday so this could be signaling a bit of a cool off in the next week or two.

Now for crypto things have been a little more interesting this week with the news around CZ and Binance.