Tuesday, November 12, 2024

ES Morning Update October 31st 2024

Chop, chop, chop... up and down and up and down we go, into the election to no mans land we roll. We are getting close now to some final high, and I still think it's around the election, but I don't know if it's going to be higher high or lower high.  There's just no way to be sure if we get the 6100+ high around the election or if they save it for December after pulling back first.

So, I've just been watching the Nasdaq closely as it's super close to a new high and that could be all they want to do... just squeak out a higher high there, and then we can have a good pullback with my 533.01 FP on the SPY as my downside target in mid-late November.

As for today, I'll only point out that the end of "most" every month there is a "turn" in the market, and since we pulled back yesterday that "turn" should be up.  So I'd be looking for a break to the upside to start soon and if it's a new high into the election that's just a better spot to short from.  The 6100-6200 is the target zone, and if it's hit on this run higher and not the December one that's fine with me too.

Have a blessed day.

Red
Author: Red

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