Midday Update: 2023-11-29

Overnight rally sold in the morning

I have been thinking that the S&P 500 needed to poke up over the high from last week and finally had that happen today. Here is the 130-minute SPX chart. Notice the gold 5 from the Wave 59 9-5 exhaustion study which is suggesting the bulls are tired and the market is ripe for some degree of reversal.

Ready for a retrace?

The problem of course is the major…