Scott Burrill - Market Notes

Back To List
Scott's notes
Scott's Market Notes

Driving with a Map

Nov 3, 2019

Market's closed at or near all-time highs last week while volatility contracted.

Looking forward, the upward trajectory to newer highs is likely to continue, and over the intermediate term, 3125, 3164, and 3203.25 in the S&P 500 are pre-computed targets within November's favorable seasonal backdrop.

However, we must first navigate this relatively quiet week as implied volatility is a paltry 9.15% or + / - 31 points in the S&P 500, for a range of 3098.08 and 3035.74.

The short-term bias remains up along with the weekly trend. Although, it's not uncommon to expect the weekly magnet (3049.50) to be tested early in the week.

From a relative performance perspective, whether the Russell 2000 Index will "catch-up" to its larger index brethren is worth monitoring.

Known catalysts are modest compared to last week where the focus remains on Earnings Releases, Economic Releases, Fedspeak, and the wildcard cocktail of Tweets, Trade, and Impeachment.

Over 70% of the S&P 500 Reported Revenue Growth of 3%.

Select Earnings Releases.

Weekly Conferences.

Economic Releases and Fedspeak.

Updated Levels.

Have a great week.

All the best,

Scott

Recent Posts

Back To List