<p>作者：Lawrence G. McMillan</p>
<p>标准普尔 500 指数需要保持在 6500 以上——否则一切都将失去意义</p>
<p>标准普尔 500 指数（SPX）这一周表现不佳——跌至交易区间的下端。即使英伟达（NVDA）周四的财报超出预期也无济于事。市场内部指标大多呈现负面。这一切导致 SPX 在 6500 到 6900 之间的波动剧烈。</p>
<p>因此，SPX 处于一个交易区间。区间的上限大约在 6900。如果突破这一点，市场将再次转为明显看涨。下限是 6500 到 6550 区域的主要支撑区，这一水平在九月和十月被测试了五次。跌破 6500 将对美国股票极为不利。</p>
<p>英伟达业绩超预期——但市场却遭受重创</p>
<p>在周三市场收盘前，11 月 21 日到期的英伟达平价期权的价格为 13.65 美元，约占股票价格的 7.3%。这非常昂贵。在过去 10 次财报中，英伟达的财报后波动仅有两次超过这一水平——而那是七个和十个季度之前。因此，期权市场对将出现大幅上涨的预期非常乐观，但他们错了。</p>
<p>这是英伟达连续第三个季度在财报前期权严重高估。要在财报前出售这些平价期权（或更可能是价外期权），需要非常坚定的决心，但这正是过去三个季度中获利的策略。</p>
<p>阅读：股票在英伟达激励的反弹中出现自四月以来最大的午盘逆转。投资者需要了解的内容。</p>
<p>卖出信号和更高的波动性</p>
<p>虽然 SPX 接近-4 的 “修正布林带”，但 McMillan 波动带（MVB）卖出信号仍然有效。</p>
<p>仅股票的认沽 - 认购比率变得更加看跌。这些比率在十月中旬发出了卖出信号。然而，之前它们一直难以上升。现在这种情况不再存在。最新的 SPX 下跌导致这些比率开始急剧而稳定地上升。这意味着它们处于坚实的卖出信号中。这些卖出信号将保持有效，直到比率回落并开始下行趋势。</p>
<p>市场广度一直在挣扎。这种情况已经持续了几个月，但在最近的下跌中，广度表现得相当糟糕，两个广度振荡器都处于超卖区域。好消息是，当广度改善时，它们最终会发出买入信号，但请记住，市场在广度振荡器超卖时仍然可能大幅下跌（超卖并不意味着买入）。广度必须至少连续三天保持正值，才能产生买入信号。</p>
<p>纽约证券交易所的新高和新低之间正在进行一场斗争。这个指标通常是一个长期指标（见从六月到十月的四个月买入信号），但在过去两周它已经翻转——产生了三个信号。很难理解为什么如此多的纽约证券交易所股票接近 52 周高点，而许多其他股票接近 52 周低点，但事实就是如此。</p>
<p>最后一个信号是卖出信号，因为新低在连续两天内超过了 100 只（11 月 14 日和 17 日）。此后，新低仍然占据主导地位。这是一个新的卖出信号，直到纽约证券交易所的新高在连续两天内超过新低之前，它将保持有效。</p>
<p>波动性仍然很高，VIX 在 11 月 20 日飙升至 26.20。这一飙升使 VIX 处于 “飙升” 模式，当 VIX 收盘至少低于其在 “飙升” 模式下达到的最高价 3.0 点时，将最终发出 “飙升峰值” 买入信号（针对股票）。因此，收盘在 23.20 或以下将产生新的买入信号。如果该买入信号得到确认，它将保持有效 22 个交易日（约一个月），除非因 VIX 收盘超过之前的峰值而被止损。</p>
<p>VIX 买入信号的前一个趋势在 VIX 连续两天收盘高于其 200 日移动平均线（MA）时被止损。下一个 VIX 信号的趋势将在 VIX 及其 20 日移动平均线位于 200 日移动平均线同一侧时出现。随着 20 日线的上升并接近 200 日线，新的 VIX 信号趋势可能很快会产生。</p>
<p>波动性衍生品的构造保持了非常温和的看涨。VIX 期货和 Cboe 波动性指数的期限结构继续向上倾斜，尽管它们比很长一段时间以来要平坦得多。一个问题是，VIX 期货的交易价格低于 VIX。11 月的 VIX 期货已经到期，因此 12 月现在是前一个月。因此，我们正在比较 12 月和 1 月期货的价格，以评估市场的短期健康状况，而这看起来是看涨的，因为 1 月的交易价格高于 12 月。</p>
<p>总之，市场在一个宽广的交易区间内波动。我们将跟踪生成的个别信号，并继续深入滚动到期权。</p>
<p>新推荐：Prologis Inc.（PLD）</p>
<p>在 PLD（PLD）中出现了新的认沽 - 认购比率卖出信号，因此我们将对此采取行动。</p>
<p>按照市场的方向购买 2 份 PLD（12 月 19 日）125 美元的认沽期权。</p>
<p>只要认沽 - 认购比率处于卖出信号中，我们将继续持有。</p>
<p>后续行动：</p>
<p>所有止损都是心理止损，除非另有说明。</p>
<p>我们对 SPY SPY 价差使用标准滚动程序：在任何垂直牛市或熊市价差中，如果标的资产触及短期行权价，则滚动整个价差。在看涨期权牛市价差的情况下，将向上滚动，而在看跌期权熊市价差的情况下，将向下滚动。保持在同一到期日，并保持行权价之间的距离相同，除非另有指示。</p>
<p>此外，对于直接的长期期权，如果它们变得 8 点价内，则进行滚动。</p>
<p>持有 0 份 APH（12 月 19 日）130 美元的认购期权和卖出 0 份 APH（12 月 19 日）155 美元的认购期权：该价差在 11 月 17 日被止损，当时 APH（APH）收盘低于 133。它已经多次向上滚动，并获得了可观的利润。</p>
<p>多头持有 1 份到期的 TSEM (TSEM) (11 月 21 日) 105 看涨期权，空头持有 1 份 TSEM (11 月 21 日) 115 看涨期权：该价差已多次上调，但现在已回落，且两侧均为虚值。卖出该价差，并用以下交易替代：买入 1 份 TSEM (12 月 19 日) 100 看涨期权，卖出 1 份 TSEM (12 月 19 日) 115 看涨期权，支付不超过 5.00 的费用。</p>
<p>多头持有 1 份到期的 SPY (11 月 21 日) 665 看跌期权，空头持有 1 份 SPY (11 月 21 日) 615 看跌期权：这是基于 MVB 卖出信号的头寸。SPX 本周几乎触及-4 带。继续持有，直到 SPX 触及任一 +/-4 带。卖出该价差，并用以下交易替代：买入 1 份 SPY (12 月 19 日) 平值看跌期权，卖出 1 份 SPY (12 月 19 日) 看跌期权，行权价低 50 点。</p>
<p>多头持有 2 份 BXP (1 月 16 日) 72.5 看跌期权：只要 BXP (BXP) 的加权看跌 - 看涨比率保持在卖出信号上，我们将继续持有该头寸。</p>
<p>多头持有 SPY (11 月 28 日) 670 看跌期权，空头持有 1 份 SPY (11 月 28 日) 630 看跌期权：该头寸是在 SPX 收盘低于支撑位时建立的。然而，当市场反弹并且 SPX 收盘高于 6,760 时，迅速止损，造成小幅亏损。</p>
<p>我们根据上周的 “新高与新低” 买入信号购买了 SPY 牛市价差，但在 11 月 13 日和 14 日纽约证券交易所的新低连续两天超过新高时被止损。</p>
<p>多头持有 2 份 CME (CME) (12 月 12 日) 285 看涨期权：只要看跌 - 看涨比率保持在买入信号上，继续持有。</p>
<p>所有止损均为心理止损，除非另有说明。</p>
<p>如有问题，请发送至：lmcmillan@optionstrategist.com。</p>
<p>Lawrence G. McMillan 是 McMillan Analysis 的总裁，注册投资和商品交易顾问。McMillan 可能在本报告中推荐的证券中持有个人及客户账户的头寸。他是一位经验丰富的交易员和资金经理，并且是《期权作为战略投资》的作者。www.optionstrategist.com</p>
<p>免责声明：</p>
<p>(c) McMillan Analysis Corporation 已在 SEC 注册为投资顾问，并在 CFTC 注册为商品交易顾问。本通讯中的信息已从被认为可靠的来源仔细编制，但不保证其准确性和完整性。McMillan Analysis Corporation 的官员或董事，或由此类人员管理的账户可能在建议中推荐的证券中持有头寸。</p>
<p>-Lawrence G. McMillan</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻社和《华尔街日报》发布。</p>
<p>（结束）道琼斯新闻社</p>
<p>11-20-25 1704ET</p>

英伟达

2 倍做多英伟达 ETF - GraniteShares

南方两倍做多英伟达

南方两倍做空英伟达

英伟达期权收益策略 ETF - YieldMax

1 倍做空英伟达 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

<p>标准普尔 500 指数正经历波动，交易区间在 6,500 到 6,900 之间。尽管英伟达的财报超出预期，但市场内部情况依然疲弱。卖出信号持续存在，股票单一的看跌期权与看涨期权比率上升，市场广度表现不佳。波动性较高，VIX 指数飙升，若其回落可能出现买入信号。市场的方向取决于是否突破 6,900 或跌破 6,500，后者将对美国股票产生负面影响</p>

<p>By Lawrence G. McMillan</p>
<div class="lb-trans"><p>作者：Lawrence G. McMillan</p>
</div><p>The S&amp;P 500 needs to stay above 6,500 - or all bets are off</p>
<div class="lb-trans"><p>标准普尔 500 指数需要保持在 6500 以上——否则一切都将失去意义</p>
</div><p>The S&amp;P 500 SPX is having a rough week - down to the lower end of its trading range. Even Nvidia's (NVDA) earnings beat on Thursday didn't help. Market internals are mostly negative. All of this is causing some volatile SPX moves within a wide range between 6,500 and 6,900.</p>
<div class="lb-trans"><p>标准普尔 500 指数（SPX）这一周表现不佳——跌至交易区间的下端。即使英伟达（NVDA）周四的财报超出预期也无济于事。市场内部指标大多呈现负面。这一切导致 SPX 在 6500 到 6900 之间的波动剧烈。</p>
</div><p>So, SPX is in a trading range. The top of the range is around 6,900. A move above that would change the picture to solidly bullish again. The lower end is the major support area in the 6,500 to 6,550 zone that was tested five times in September and October. A breakdown below 6,500 would be extremely negative for U.S. stocks.</p>
<div class="lb-trans"><p>因此，SPX 处于一个交易区间。区间的上限大约在 6900。如果突破这一点，市场将再次转为明显看涨。下限是 6500 到 6550 区域的主要支撑区，这一水平在九月和十月被测试了五次。跌破 6500 将对美国股票极为不利。</p>
</div><p>Nvidia beats - but the market gets beaten</p>
<div class="lb-trans"><p>英伟达业绩超预期——但市场却遭受重创</p>
</div><p>Heading into Wednesday's market close, the at-the-money Nvidia straddle expiring on Nov. 21 was priced at $13.65, or 7.3% of the stock price. That was very expensive. In the past 10 earnings reports, Nvidia's post-earning move was only larger than that twice - and those were seven- and 10 quarters ago. Thus, the option markets were highly optimistic that a huge upside move was going to occur. They were wrong.</p>
<div class="lb-trans"><p>在周三市场收盘前，11 月 21 日到期的英伟达平价期权的价格为 13.65 美元，约占股票价格的 7.3%。这非常昂贵。在过去 10 次财报中，英伟达的财报后波动仅有两次超过这一水平——而那是七个和十个季度之前。因此，期权市场对将出现大幅上涨的预期非常乐观，但他们错了。</p>
</div><p>This is now the third quarter in a row where NVDA's options have been severely overpriced heading into the earnings. It would take a stalwart backbone to sell these straddles (or, more likely, out-of-the-money strangles) prior to earnings, but that is the strategy that would have profited for three consecutive quarters.</p>
<div class="lb-trans"><p>这是英伟达连续第三个季度在财报前期权严重高估。要在财报前出售这些平价期权（或更可能是价外期权），需要非常坚定的决心，但这正是过去三个季度中获利的策略。</p>
</div><p>Read: Stocks see biggest midday reversal since April as Nvidia-inspired rebound falters. Here's what investors need to know.</p>
<div class="lb-trans"><p>阅读：股票在英伟达激励的反弹中出现自四月以来最大的午盘逆转。投资者需要了解的内容。</p>
</div><p>Sell signals and higher volatility</p>
<div class="lb-trans"><p>卖出信号和更高的波动性</p>
</div><p>While SPX came close to the -4 &#34;modified Bollinger band,&#34; the McMillan volatility band (MVB) sell signal is still in place.</p>
<div class="lb-trans"><p>虽然 SPX 接近-4 的 “修正布林带”，但 McMillan 波动带（MVB）卖出信号仍然有效。</p>
</div><p>Equity-only put-call ratios have become more bearish. The ratios generated sell signals back in mid-October. However, for a while they were having trouble rising. That is no longer the case. The latest SPX breakdown has caused these ratios to begin to rise sharply and steadily. That means they are on solid sell signals. Those sell signals will remain in place until the ratios roll over and begin to trend lower.</p>
<div class="lb-trans"><p>仅股票的认沽 - 认购比率变得更加看跌。这些比率在十月中旬发出了卖出信号。然而，之前它们一直难以上升。现在这种情况不再存在。最新的 SPX 下跌导致这些比率开始急剧而稳定地上升。这意味着它们处于坚实的卖出信号中。这些卖出信号将保持有效，直到比率回落并开始下行趋势。</p>
</div><p>Market breadth has struggled. This has been true for months, but on this latest decline breadth has been quite terrible, and both breadth oscillators are in oversold territory. The good news is they will eventually generate buy signals when breadth improves, but remember that the market can decline sharply while the breadth oscillators are oversold (oversold does not mean buy). Breadth would have to remain positive for at least three consecutive days in order to generate a buy signal.</p>
<div class="lb-trans"><p>市场广度一直在挣扎。这种情况已经持续了几个月，但在最近的下跌中，广度表现得相当糟糕，两个广度振荡器都处于超卖区域。好消息是，当广度改善时，它们最终会发出买入信号，但请记住，市场在广度振荡器超卖时仍然可能大幅下跌（超卖并不意味着买入）。广度必须至少连续三天保持正值，才能产生买入信号。</p>
</div><p>New highs and new lows on the NYSE have been fighting a battle of sorts. This indicator is normally a longer term one (witness the four-month buy signal that was in place from June into October), but in the past two weeks it has flipped - with three signals being generated. It's a little hard to see how so many NYSE stocks can be near 52-week highs while many others are near 52-week lows, but that is the case.</p>
<div class="lb-trans"><p>纽约证券交易所的新高和新低之间正在进行一场斗争。这个指标通常是一个长期指标（见从六月到十月的四个月买入信号），但在过去两周它已经翻转——产生了三个信号。很难理解为什么如此多的纽约证券交易所股票接近 52 周高点，而许多其他股票接近 52 周低点，但事实就是如此。</p>
</div><p>The last of these is a sell-signal because new lows numbered more than 100 issues for two consecutive days (November 14 and 17). New lows have continued to dominate since then as well. This is a new sell signal, and it will remain in place until new highs outnumber new lows on the NYSE for two consecutive days.</p>
<div class="lb-trans"><p>最后一个信号是卖出信号，因为新低在连续两天内超过了 100 只（11 月 14 日和 17 日）。此后，新低仍然占据主导地位。这是一个新的卖出信号，直到纽约证券交易所的新高在连续两天内超过新低之前，它将保持有效。</p>
</div><p>Volatility remains high, with VIX VIX spiking to 26.20 on Nov. 20. That spike puts VIX in &#34;spiking&#34; mode, and a &#34;spike peak&#34; buy signal (for stocks) will eventually follow when VIX closes at least 3.0 points below the highest price that it reached while in &#34;spiking&#34; mode. So, a close at or below 23.20 would generate a new buy signal from the indicator. If this buy signal is confirmed, it will remain in place for 22 trading days (about a month), unless stopped out by VIX closing above that previous peak.</p>
<div class="lb-trans"><p>波动性仍然很高，VIX 在 11 月 20 日飙升至 26.20。这一飙升使 VIX 处于 “飙升” 模式，当 VIX 收盘至少低于其在 “飙升” 模式下达到的最高价 3.0 点时，将最终发出 “飙升峰值” 买入信号（针对股票）。因此，收盘在 23.20 或以下将产生新的买入信号。如果该买入信号得到确认，它将保持有效 22 个交易日（约一个月），除非因 VIX 收盘超过之前的峰值而被止损。</p>
</div><p>The previous trend of VIX buy signal was stopped out when VIX closed above its 200-day moving average (MA) for two consecutive days. The next trend of VIX signal will occur when both VIX and its 20-day moving average are on the same side of the 200-day moving average. With the 20-day rising and approaching the 200-day, a new trend of VIX signal could be generated soon.</p>
<div class="lb-trans"><p>VIX 买入信号的前一个趋势在 VIX 连续两天收盘高于其 200 日移动平均线（MA）时被止损。下一个 VIX 信号的趋势将在 VIX 及其 20 日移动平均线位于 200 日移动平均线同一侧时出现。随着 20 日线的上升并接近 200 日线，新的 VIX 信号趋势可能很快会产生。</p>
</div><p>The construct of volatility derivatives has remained very modestly bullish. The term structures of both the VIX futures and of the Cboe volatility indices have continued to slope upwards, although they are much flatter than they have been in quite a while. One problem has been that the VIX futures are trading at a discount to VIX. The November VIX futures have expired, so December is now the front month. Thus, we are comparing the price of December and January futures to gauge the short-term health of the market, and that is bullish because January is trading above December.</p>
<div class="lb-trans"><p>波动性衍生品的构造保持了非常温和的看涨。VIX 期货和 Cboe 波动性指数的期限结构继续向上倾斜，尽管它们比很长一段时间以来要平坦得多。一个问题是，VIX 期货的交易价格低于 VIX。11 月的 VIX 期货已经到期，因此 12 月现在是前一个月。因此，我们正在比较 12 月和 1 月期货的价格，以评估市场的短期健康状况，而这看起来是看涨的，因为 1 月的交易价格高于 12 月。</p>
</div><p>In summary, the market has been volatile within a wide trading range. We will follow individual signals as they are generated and will continue to roll deeply in-the-money options.</p>
<div class="lb-trans"><p>总之，市场在一个宽广的交易区间内波动。我们将跟踪生成的个别信号，并继续深入滚动到期权。</p>
</div><p>New recommendation: Prologis Inc. (PLD)</p>
<div class="lb-trans"><p>新推荐：Prologis Inc.（PLD）</p>
</div><p>A new put-call ratio sell signal has arisen in PLD (PLD), and so we are going to act on it.</p>
<div class="lb-trans"><p>在 PLD（PLD）中出现了新的认沽 - 认购比率卖出信号，因此我们将对此采取行动。</p>
</div><p>Buy 2 PLD (Dec. 19) 125 puts in line with the market.</p>
<div class="lb-trans"><p>按照市场的方向购买 2 份 PLD（12 月 19 日）125 美元的认沽期权。</p>
</div><p>We will hold as long as the put-call ratio is on a sell signal.</p>
<div class="lb-trans"><p>只要认沽 - 认购比率处于卖出信号中，我们将继续持有。</p>
</div><p>Follow-up action:</p>
<div class="lb-trans"><p>后续行动：</p>
</div><p>All stops are mental closing stops unless otherwise noted.</p>
<div class="lb-trans"><p>所有止损都是心理止损，除非另有说明。</p>
</div><p>We are using a standard rolling procedure for our SPY SPY spreads: in any vertical bull or bear spread, if the underlying hits the short strike, then roll the entire spread. That would be roll up in the case of a call bull spread or roll down in the case of a bear put spread. Stay in the same expiration and keep the distance between the strikes the same unless otherwise instructed.</p>
<div class="lb-trans"><p>我们对 SPY SPY 价差使用标准滚动程序：在任何垂直牛市或熊市价差中，如果标的资产触及短期行权价，则滚动整个价差。在看涨期权牛市价差的情况下，将向上滚动，而在看跌期权熊市价差的情况下，将向下滚动。保持在同一到期日，并保持行权价之间的距离相同，除非另有指示。</p>
</div><p>Also, for outright long options, roll if they become 8 points in-the-money.</p>
<div class="lb-trans"><p>此外，对于直接的长期期权，如果它们变得 8 点价内，则进行滚动。</p>
</div><p>Long 0 APH (Dec. 19) 130 calls and short 0 APH (Dec. 19) 155 calls: This spread was stopped out on November 17, when APH (APH) closed below 133. It had been rolled up many times and resulted in a solid profit.</p>
<div class="lb-trans"><p>持有 0 份 APH（12 月 19 日）130 美元的认购期权和卖出 0 份 APH（12 月 19 日）155 美元的认购期权：该价差在 11 月 17 日被止损，当时 APH（APH）收盘低于 133。它已经多次向上滚动，并获得了可观的利润。</p>
</div><p>Long 1 expiring TSEM (TSEM) (Nov. 21) 105 call and short 1 TSEM (Nov. 21) 115 call: This spread was rolled up several times but now has fallen back and both sides are out-of-the-money. Sell this spread and replace it with the following: Buy 1 TSEM (Dec. 19) 100 call and Sell 1 TSEM (Dec. 19) 115 call for a debit of 5.00 or less.</p>
<div class="lb-trans"><p>多头持有 1 份到期的 TSEM (TSEM) (11 月 21 日) 105 看涨期权，空头持有 1 份 TSEM (11 月 21 日) 115 看涨期权：该价差已多次上调，但现在已回落，且两侧均为虚值。卖出该价差，并用以下交易替代：买入 1 份 TSEM (12 月 19 日) 100 看涨期权，卖出 1 份 TSEM (12 月 19 日) 115 看涨期权，支付不超过 5.00 的费用。</p>
</div><p>Long 1 expiring SPY (Nov. 21) 665 put and short 1 SPY (Nov. 21) 615 put: This is the position based on the MVB sell signal. SPX nearly touched the -4 band this week. Continue to hold until SPX touches either of the +/-4 bands. Sell this spread and replace it with the following: Buy 1 SPY (Dec. 19) at-the-money put and sell 1 SPY (Dec. 19) put with a striking price 50 points lower.</p>
<div class="lb-trans"><p>多头持有 1 份到期的 SPY (11 月 21 日) 665 看跌期权，空头持有 1 份 SPY (11 月 21 日) 615 看跌期权：这是基于 MVB 卖出信号的头寸。SPX 本周几乎触及-4 带。继续持有，直到 SPX 触及任一 +/-4 带。卖出该价差，并用以下交易替代：买入 1 份 SPY (12 月 19 日) 平值看跌期权，卖出 1 份 SPY (12 月 19 日) 看跌期权，行权价低 50 点。</p>
</div><p>Long 2 BXP (Jan. 16) 72.5 puts: We will hold this position as long as the weighted put-call ratio for BXP (BXP) remains on a sell signal.</p>
<div class="lb-trans"><p>多头持有 2 份 BXP (1 月 16 日) 72.5 看跌期权：只要 BXP (BXP) 的加权看跌 - 看涨比率保持在卖出信号上，我们将继续持有该头寸。</p>
</div><p>Long SPY (Nov. 28) 670 put and short 1 SPY (Nov. 28) 630 put: This position was established last week when SPX closed below support. However, it was quickly stopped out for a small loss when the market rallied and SPX closed above 6,760.</p>
<div class="lb-trans"><p>多头持有 SPY (11 月 28 日) 670 看跌期权，空头持有 1 份 SPY (11 月 28 日) 630 看跌期权：该头寸是在 SPX 收盘低于支撑位时建立的。然而，当市场反弹并且 SPX 收盘高于 6,760 时，迅速止损，造成小幅亏损。</p>
</div><p>We had bought a SPY bull spread in line with the last week's &#34;new highs vs. new lows&#34; buy signal, but it was stopped out when NYSE new lows outnumbered new highs for two consecutive days on Nov. 13 and 14.</p>
<div class="lb-trans"><p>我们根据上周的 “新高与新低” 买入信号购买了 SPY 牛市价差，但在 11 月 13 日和 14 日纽约证券交易所的新低连续两天超过新高时被止损。</p>
</div><p>Long 2 CME (CME) (Dec. 12) 285 calls: Continue to hold as long as the put-call ratio remains on a buy signal.</p>
<div class="lb-trans"><p>多头持有 2 份 CME (CME) (12 月 12 日) 285 看涨期权：只要看跌 - 看涨比率保持在买入信号上，继续持有。</p>
</div><p>All stops are mental closing stops unless otherwise noted.</p>
<div class="lb-trans"><p>所有止损均为心理止损，除非另有说明。</p>
</div><p>Send questions to: lmcmillan@optionstrategist.com.</p>
<div class="lb-trans"><p>如有问题，请发送至：lmcmillan@optionstrategist.com。</p>
</div><p>Lawrence G. McMillan is president of McMillan Analysis, a registered investment and commodity trading advisor. McMillan may hold positions in securities recommended in this report, both personally and in client accounts. He is an experienced trader and money manager and is the author of &#34;Options as a Strategic Investment.&#34; www.optionstrategist.com</p>
<div class="lb-trans"><p>Lawrence G. McMillan 是 McMillan Analysis 的总裁，注册投资和商品交易顾问。McMillan 可能在本报告中推荐的证券中持有个人及客户账户的头寸。他是一位经验丰富的交易员和资金经理，并且是《期权作为战略投资》的作者。www.optionstrategist.com</p>
</div><p>Disclaimer:</p>
<div class="lb-trans"><p>免责声明：</p>
</div><p>(c) McMillan Analysis Corporation is registered with the SEC as an investment advisor and with the CFTC as a commodity trading advisor. The information in this newsletter has been carefully compiled from sources believed to be reliable, but accuracy and completeness are not guaranteed. The officers or directors of McMillan Analysis Corporation, or accounts managed by such persons may have positions in the securities recommended in the advisory.</p>
<div class="lb-trans"><p>(c) McMillan Analysis Corporation 已在 SEC 注册为投资顾问，并在 CFTC 注册为商品交易顾问。本通讯中的信息已从被认为可靠的来源仔细编制，但不保证其准确性和完整性。McMillan Analysis Corporation 的官员或董事，或由此类人员管理的账户可能在建议中推荐的证券中持有头寸。</p>
</div><p>-Lawrence G. McMillan</p>
<div class="lb-trans"><p>-Lawrence G. McMillan</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻社和《华尔街日报》发布。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（结束）道琼斯新闻社</p>
</div><p>11-20-25 1704ET</p>
<div class="lb-trans"><p>11-20-25 1704ET</p>
</div>

Even Nvidia can't help a stock market that's in real trouble

- S&P 500 在 6,500 至 6,900 的区间内波动。  
- Nvidia 盈利未能提振市场，市场内部信号偏向负面。  
- 新的卖出信号出现，市场情绪持续低迷。  

即便是英伟达也无法拯救一个真正陷入困境的股市