A “Headless” Market Trudges Higher – Don’s Daily Brief

by | Nov 15, 2022

So the overall market glides higher — without any real conviction.

The Volume Profile tells me we could have another 40-50 points to go for the S&P before it peaks out. We’ll have to keep an eye on it to see how it develops.

Meanwhile, stay out of the way of the big macro theme and see how things settle.

Speaking of Volume Profile, I see a very bearish pattern developing on Group 1 Automotive.

Across several timeframes, it’s tested the ~$200 level and failed every time.

► So for today’s FREE pick, we’re shorting GPI.

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