Weekend Report for Monday, October 28
Bottom Line:
The US is a week away from a critical election. The markets are beginning to reflect the nervousness and anxiety surrounding the election.
If you are trading in any timeframe be aware that the current market condition is “uncertainty”. Be patient and prudent with position size. Always remember that not trading IS trading.
PDF: Weekend Report_2024_10_28
VIDEO:
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SPX
Upper KRA: 5882
Lower KRAs: 5762; 5674
NDX
Upper KRA: 20691
Lower KRAs: 19919; 19625
DOW
Upper KRA: 42594;43327
Lower KRAs: 41818
RUT
Upper KRAs: 2237; 2300
Lower KRA: 2260
New York Composite
Upper KRA: 19656; 19905
Lower KRAs: 19316
Internals – VIX
VIX closed above 20 again on Friday.
Internals – NYSE Data
One potential scenario is we are in the early stages of a downside washout. If the 10-day MA of NYSE advancing issues contracts to lower extremes it could provide a great buying opportunity.
US 10-yr. Notes
No change: Notes experienced a dramatic break in their uptrend. There is no “graceful” trade at the moment.
US Dollar
Between critical levels, but “too” vertical at the moment.
Gold
Gold continues to make higher highs and lows.
Crude
No change: Crude is whippy between intermediate term levels.
Bitcoin
Bitcoin trades in an Auction Market. There is nothing about Bitcoin that mandates it has different “rules” regarding Auction Market behavior.
Bitcoin is approaching a MAJOR upper KRA. It continues to make higher highs and lows.
