Updated Models & Spotlight Chart 11/24/2024

S&P 500 Bounces and Gold Attempts to Recover

The S&P 500 bounced on its 20-day moving average, rising almost 2% on the week, led by XLB, XLU, and XLE sectors. Equal weight has been improving in relative performance with mid caps making a new high on Friday as large caps are still down -.54% and small down -0.92%. While breadth has been improving and performance widening to include more than just the Mag 7, it hasn’t quite been enough to prevent a Hindenburg Omen (HO) in both the NYSE and S&P 500. HO look at the number of new highs and new lows, when both are rising but there aren’t more than 2x as many highs as lows while the Index is in a defined up trend. Markets will be closed in the U.S. on Thursday for Thanksgiving and close early on Friday.

Summary of Models

Performance Summary