US equity indexes closed significantly higher, sp +40pts (1.5%) at 2673. Nasdaq comp' +2.1% at 7081. The two leaders - Trans/R2K, settled +1.0% and +1.2% respectively. VIX settled -12.2% at 18.90. Near term outlook offers further upside to the 2690/2700 zone, but that won't be enough to prevent another bearish monthly settlement.
The week began on a positive note, with the sp' settling +1.5%. Volatility was in melt mode, with the VIX back under the key 20 threshold.
Bulls running out of time
With just four trading days left of November, the spx is -1.4%. A monthly settlement above the key 10MA (2744) looks out of range, even if Powell and the G20 are net positive news items this week. Note the red Elder candle, which if it holds into the Friday close, would be the first since Feb'2016. A bearish November close will give extra credence to the October settlement.
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