It has been observed that structural changes in the NASDAQ 100 between November 10, 2021 and December 27, 2021 have similar characteristics to what occurred over a longer time frame in the NASDAQ 100 between July 10, 2023 and November 10, 2023. Underlying data indicates significant short selling occurred in the first half of November 2023, just as it did during the last half of December 2021. Technical indicators such as the CCI, Chalkin oscillator, and 15 day Stochastic are also in alignment between December 2021 and November 2023.
On November 4, 2023 it was noted that on October 31, 2023 the VIX was in a position similar to where it was on October 30, 2018 and markets would move higher until November 8, 2023. As of November 10, 2023 the VIX continues to move lower with a close of 14.17. Stock markets are expected to move sideways during the week of November 13, 2023 while Congress struggles with the passage of a Government funding bill before November 17, 2023. Additional data will be needed to confirm markets move lower, just as they in in January 2022.
Stock charts courtesy of StockCharts.com.
