MarketMood Morning Notes - Market Analysis for Nov 9th, 2020

By Dr. Cari Bourette

Nov 9, 2020 - 9:35 AM EST

The big picture showed that if October was "serious" there would be an "optimistic new chapter" for November. I have to say I did not expect it to be so dramatically that right off the bat. This doesn't mean there won't be pullbacks during the month, and the market is uber- way beyond extremely overbought now.

I showed evidence for an upcoming pullback on Friday, but also stated that MM Trend Trader was still showing a bounce in progress and a trend too strong to short. Then just after close, late data showed a possible big flip up over the weekend. Apparently, that is what occurred, dramatically changing the picture. MM Trend Trader and MM MACD were on swing buy over the weekend, in spite of the non-flip down case of MMI. MM MACD may turn neutral today at close. MM Trend Trader's higher probability signal joins the main signal on buy at open. MMI is looking down for today (below open) and up Tuesday and Wednesday. Latest charts:

Dr. Cari Bourette is an analyst at ElliottWaveTrader.net, where she provides her proprietary market mood analysis in our flagship service, "Avi's Market Alerts."

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