A0 Financial

Date: 11/12/2023

(Not Financial Advice)

Table of contents:

1. Nasdaq Breakout

2. Oil top

3. Upcoming CPI 

Nasdaq Breakout

The Nasdaq has officially broken out a massive bull flag on the weekly. The next big resistance is at $15700. The market shows strength, although the Fed’s balance sheet is shrinking. This is because the market thinks that the Fed is done with rate hikes. After the final rate hike, it takes an average of 200 days to see for the rate hikes to take effect.

Oil top

Oil has topped off in the near term. Oil is in a cooling period after a huge rally. It sits at the 200-day moving average, and we expect a bounce. Then, we expect oil to go back down to $67 dollars. But, If there’s more negative geopolitical news, it could become more than just a bounce. It can turn into a sharp market rally. 

Upcoming CPI

This week October’s CPI will be reported. The upcoming CPI will likely come back lower than expected this week. This will take the Nasdaq to the $15700 target we’ve mentioned before. Oil has gone from $93 a barrel to $75 a barrel. Inflation is in a cooling period after a huge rally.