BY LICIA LESLIE
November 8, 2023
Hi Shoppers,
Looks to me like the market is pausing for its next leg higher:
Here is the chart of the Emini S&P 500 Dec Futures Contract:
I think ES is on its way to $4500.
Did you see oil?
Here is the chart of the Crude Dec Futures Contract:
There is a head and shoulders and today’s action has decisively broken the neckline meaning it is heading lower.
With crude oil heading lower I am looking at puts in Schlumberger (Ticker: SLB), check out the stock chart:
SLB closed right on the 200 day moving average (turquoise line).
If it opens and trades lower, I will be shopping for put options:
I like the Nov24 53 puts.
I think SLB can trade down to $49.80.
Use a close over the 200 day moving average as your stop loss on the upside.
Trade Review
Medtronic (Ticker: MDT) rallied a bit and has come back, but it is still holding the $72.25 support level.
Use a close below there to bail.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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