Took some time, but Risk Off from last post proved to be correct for time being… for now! lol!!
NasDaq
Looking at the weekly chart below, we see the following:
- Now testing our target weekly bear (pink line)
- Oct 28th (week) high
- Nov 11th (week) next turn point (low?)
Reversals watching for election: - 485.49
- 480.00
Monthly Reversal (weird): - Bullish What if below price
- Nov Dir Change on Array
Summary:
We could head lower into Nov 11th week. There is a what if monthly bull under the price for October to be possible elected, if the October low holds. This could spike November up a little. But our end of the trend appears to be in December for monthly.
As always waiting for the monthly close. As you can see the big money moves on the monthly and quarterly time frames.
VIX – Measure Fear in Market
The Vix is connected to S&P500 and just goes up when lot of people are buying put options for fear market will crash. Very volatile but gives clues sometimes.
Below you see we are above an important monthly bull election (21.40).
If this gets elected we can head higher…
Next week has a panic cycle week. So keeping my VIX long position of weekend unless we close below 21.40 today.
Challenge…. it is a Turning Point month (October).
This means we could run out of time for the upmove.
So waiting for the close and new data to see how it plays out.
Next Moves:
Watching SMCI for another week or so for any entry. (Big Crash)
Watching BP as it is getting to a long term low (Oil)
Waiting for end of month data to find new opportunities and probabilities.
Will post as it comes in.