Updates for Thursday November 14, 2024

Click here for Signal Trades spreadsheet.

Updates 1:45 AM ET - Thursday

​Not much has changed from yesterday.  Here is an update on CPI and the impact on the Fed’s rate cut.

Volatility:  look for a quick spike
VIX futures (VX) 4-hour chart below shows that it is basing near the support zone 15.25.   This basing process may continue until VIXEx next Wednesday Nov 20.  Once the current contracts expire, and after NVDA earnings on that same day, we may see VX spikes up briefly to 17.  That would confirm the opportunity to buy the dip in NQ and others.

​NQ
NQ is forming a pattern quite similar to its pattern around August 28 (last NVDA earnings).  See highlighted areas in NQ 4-hour chart below.  Again, we still think NQ dipping to the zone 20700 - 20800 is a good opportunity to buy the dip.  NQ may rise as high as 22000 by year end.

​SOXL
Yesterday we wrote: “SOXL is likely to need to retest recent low of 29.25 to bring in enough buyers to rise up”.  This does appear to be happening right now.  If SOXL can stay in the current zone near 29.25, starts basing for multiple days, it may gather enough momentum to surge out of the triangle, reaching 40 by year end and 46 by late January.

​NVDA  NVDL
NVDA is forming a top similar to the one it formed just before the last earnings on Aug 28 as shown in its 4-hour chart below.  Wait for NVDA to dip back to support in the zone 137 - 140, accompanied by the quick spike in VX.  That’s the low-risk setup to buy NVDA for the remainder of this big bull swing.  NVDA may reach 156 by year end.

For NVDL, the support zone is now 73.25 - 75.35.  This is a buyable dip.  NVDL may reach 92 by year end.

TNA
Prior to Tuesday we wrote this about TNA:  “under the hood momentum is waning…Now is not the time to chase TNA up”.  TNA top started to form on Tuesday, continued through Wednesday, and is likely to continue on Thursday.

Best to wait for TNA to dip back to support in the zone 46.5 - 47.8, accompanied by the quick spike in VX.  That’s the low-risk setup to buy TNA for the remainder of this big bull swing.  TNA may reach 67.8 by year end.

Our personal trade plan
Our plan to enter NVDL when conditions approach these parameters:

• NQ pulls back to support in the zone 20700 - 20800
• VX spikes up to 16.5 - 17
• NVDL to dip back to support in the zone 73.25 - 75.35

Click here for Signal Trades spreadsheet.

Disclaimer
The information presented here is our own personal opinion. Consider it as food for thought.  We are not offering financial advice. We are not promoting any financial products. We are not registered financial advisers or licensed brokers. We make no guarantee that anything will unfold according to our projections.  You are proceeding at your own risk if you follow our trades.​​​​