Election Day Is Here
Monday Market Update
The Markets
Markets are quiet as traders hesitate to add risk ahead of election day. And that is just one potential obstacle this week. Thursday, the Federal Reserve will announce its latest decision on interest rates.
Two major market-moving events. Let’s see what the charts show.
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The Charts
Only three charts today —
I shared the roadmap this morning, showing the continued choppy to downward action. Prices today are very near where they were at the beginning of October, below the declining 5-day moving averages and testing the VWAP anchored to the September lows.
Plenty of room for improvement.
Each index is also very close to its 50-day MA (not shown). Getting and staying below there would be a technical problem, opening the possibility for significantly more downside.
BTCUSD is lower, giving back the breakout move, and looking very suspect now.
VIX is still elevated and has printed two consecutive inside days, leading to a higher probability of a move that breaks the range. Which way will it go?
The Trade
The theme continues: do less, keep position sizes smaller, and take it slow.
I hear it repeated again and again from other traders and analysts everywhere. And there isn’t anything in the charts to argue otherwise.
The best we can do is be ready with ideas that fit either candidate's victory.
Simply, a Trump victory would likely have a positive impact on DTJ, TSLA, energy stocks, and cryptocurrencies, to name a few.
A win for Harris could benefit solar stocks, renewable energy companies, and big-cap tech.
Be ready for both scenarios. And let’s hope we get a timely and decisive result.
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The Disclosures
***This is NOT financial advice. This is NOT a recommendation to buy, sell, or trade any security. The content presented here is intended for educational purposes only.