WEEKLY TECHNICAL MARKET BRIEFING FOR WEEK OF 11/13/22
The indices put on a show last week finishing with one of the best weekly gains in years with the S&P 500 surging over 220 as the NDX ran nearly 1000 points! Technicals were strong as up/down volume and advance/decline ratios confirmed the price movements.

However, when the week ended, the indices were perched at resistance and appeared vulnerable to at least a possible pullback/retest or consolidation. In addition, the indices had completed a 3-wave advance and are due for a 4th wave pullback retest, as well.

So, the next several sessions may see a more difficult trading environment in what's looking more and more like a year-end rally in the making. Right now, 4000-4008 on the S&P 500 appears to be short-term formidable resistance as is 11,850-60 on the Nasdaq 100 or NDX.

When the next wave is completed, my price-level forecast projections lie near SPX 4115-25 and at the NDX 12,400-450 zone, with support near SPX 3860 & 3780. A deeper retracement could see a test of 3640 and possibly 3568. On the NDX, support appears to be near 11,235 & 10,800.

Current action also shows hundreds of stocks breaking through declining channel tops resistance with moving averages crossing over bullishly upward. These certainly are strong indicators of upside trend reversals, as well.

In summary, the week ahead may be a key to the direction for the rest of this year and whether or not we will experience a "Santa Claus" rally.
Harry Boxer, TheTechTrader.com

Harry Boxer is a 50-year veteran trader and technical analyst, and author of the highly acclaimed Profitable Day & Swing Trading, noted by Stock Traders’ Almanac as the 2015 Best Investment Book of the Year.

A renowned leader in technical analysis, Harry has been widely syndicated and a featured guest on many financial programs and sites including CNBC, CBS MarketWatch, Winning on Wall Street, Stockhouse, DecisionPoint, and more.

A former chief technical analyst and columnist for AmericaInvest.com, Harry’s impressive credentials include eight years as chief technical-analyst with three Wall Street brokerage firms, and the honor of winning both the 1995 and the 1996 worldwide Internet stock-market trading contest, “The Technical Analysis Challenge.”  

Today, Harry continues to educate traders through The Tech Trader – an online platform that allows members exclusive real-time access to his buy and sell recommendations, market commentary and in-depth research and analysis. 

You can also find him as a keynote speaker at trading conferences across the US and abroad.