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SMR (NuScale Power)-- Both SMR and OKLO-- modular nuclear power reactor manufacturers-- have been in the grasp of bear phases for the better part of the past 12 months.No revenues, no interest. However, did the election change the trajectory of clean nuclear energy? Who knows?Technically, I have to say that SMR, which fellow member Joel-Nathan asked me to update, has the right look of a completed recent downleg from its 9/08/26 counter-trend rally high at11.37 to yesterday's (11/05/26) low at 4.15. If that proves accurate-- and SMR remains a viable entity, then a climb and CLOSE above 5.
In Case You Missed It…We finished another eventful week, volumes were high and liquidity struggled. I anticipate another busy week next week. NDX lost approximately 5% since last Friday, SPX lost approx. 2.5%, IWM lost 2%, and the DJIA lost approx. 1%. So what technical damage was done? Here is the weekly chart of SPX:Price fell out of its upper range and back into its summer trading range, and down to its 200-day moving average. A convincing break of 7237 SPX would be a problem for the bull case.
With the current pullback we are seeing, we have turned down where a traditional a-wave would do so. And, that remains my primary wave count for now.That means that as long as this pullback remains corrective, and we hold the support region noted on the 5-minute ES chart, I am expecting another rally in the coming days for a c-wave of the (b) wave.There are some qualifications within that last statement. First, we must hold support. Should we break support, especially if we do so impulsively, then the (b) wave may be completed already.
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