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Nomansland

ZZZzzzZZZzzz at 3800Good morning! Here we are, Election Day has passed and we get the CPI report tomorrow. Couple things about the Mid Terms. Generally, the markets like it when Democrats have partial control and Republicans partial control. The expectations are, that the Republicans will win the House. If that happens, that could be a good thing for the markets. At the time of writing, Republicans have 199, Democrats 172 and 64 are undecided for the House. Gotta see how that plays out. Because here's the thing. Let's say the Republicans take the House and the Democrats keep the Senate, the markets might actually like that. And with Big Tech taking a beating after all these earning announcements, they're low enough to bid on and that could push the markets higher. Whoever that dude at Morgan Stanley was last week, saying that we could see 4000 or 4100 in the near term, might actually be right if it plays out this way. But remember, longer term, we have significant headwinds and this is still a Bear Market. CPI report is accumulative, like a moving average. If you add up all the monthly CPI numbers, it gives you the annualized CPI. It's going to stay high because at the beginning of this year, we were seeing CPI numbers at about 1%. So when we add all these monthly's up, we're going to get a high number. Obviously, over time, this will come down. Which is why expectations are to get to 4% by early Q2 or abouts. So, if the Republicans' don't take the House, and the CPI report is hot. What does that mean for the markets? Well, we could head back down starting tomorrow or Friday. Either way, these are two possible outcomes that could play out. Plan for the Day: We're technically still in No Man's Land but with a slightly more Bullish lean right now. IF I decide to chase this up to 4000, or 4100, I will do so cautiously and wait for an exhausting point in the rally. We might just hang out here at 3800 today until all the results come in and then tomorrow we could see the true direction. I'll sit on my hands again and just watch the market. Be patient, stay disciplined and trade the market in front of you. Happy Trading!
SP:SPX
by MMOTA_
No Man's Land.....again.Well, what a wild Friday. The market traded in a 3% range trying to digest the unemployment reports. Lots of mixed signals right now. So it looks like we're back in No Man's Land. Step back and still look at the bigger picture, we are still in a downtrend channel. We had three down days last week with a doji on Thursday and a bounce on Friday. Characteristics of a bull pull back right? Well than, what does the Nasdaq chart tell you? Cause that thing looks way more bearish. CPI report is going to say a lot and there's a good chance that inflation could come in higher than expected. By the end of this week, we should know where this market is going to go. It feels like I say that every week! -"By the end of this week, we should know where this market is going to go."-!!!! It's definitely been confusing the last few weeks. I mean look at the VIX. This thing said "what's up!?" to 24 on Friday. My 40,50 VIX number I've had in my mind the last couple weeks is still patiently waiting. The elements of "hope" are lingering in these markets. Here's what could happen this week: We might hang out here in this 3800 area today and tomorrow. But we could also go test the 3850ish area. I'd pay attention to the price action in that area. It would test the upper downward trend line from the August 6th high. Plan for today: Really just going to sit on my hands today and watch the market. Be patient, stay disciplined and trade the markets in front of you. Happy Trading!
SP:SPXShort
by MMOTA_
2
No Man's LandTo recap how the market's ended yesterday, we had the DOW close at 0.61%, the S&P -0.61%, and the NASDAQ -1.63% (I think this even went positive at some point during trading hours). Something is holding this market up. You would think with all these bad tech earnings, the market would be coming down substantially more. But it's not. So is this market rally going to hold tech up? Or is tech going to ruin this rally? We're currently in between the 20 day and 50 day which most call "no man's land". Market is still trying to decide where it wants to go. Wednesday's candle was our reversal signal with Thursday candle being our confirmation candle since it traded lower than the previous day. So naturally, we should expect movement to the downside. Gotta see what today brings us. The chart on the Nasdaq looks more Bearish to me. Which again. Does Tech bring the market down? Or does the rally save Tech? There are too many mixed signals everywhere. My lean is still Bearish but as the days come, I need to react to what the market is telling me. Be patient, stay disciplined. Happy trading everyone!
SP:SPXShort
by MMOTA_
AMZN in No Mans LandIn last weeks chart I discussed 3 possible directions for AMZN. Jerome Powell was very hawkish at Jackson Hole and the markets priced in a 75BP (risk off) hike in rates as opposed to the 50BP (risk on) that bulls were hoping for. The result. New Level Lower. Again, not a strong level to of support where AMZN now consolidates. If you read my previous weekly update on amazon you will see that this support is smack dab in no mans land. Again, I need to recognize that the only 2 days in this price range and both days have sold. That doesn’t mean Amazon can’t consolidate here for a couple days of sideways chop either. The end of the month means hedge funds using SPX monthly options will reset their hedges in 2 days. With a higher degree of confidence this level will change soon, I ponder 2 choices. 1. A drift higher into the long weekend. 2. Some selling down to 4005 SPX. My bias is leaning down. I don’t like this area for support (NO MANS LAND on Daily). I can see a bear flag forming as AMZN consolidates and Risk off message from Jerome Powell resinates through institutional. Not Financial Advice. Just hanging around until the 13th.
NASDAQ:AMZNShort
by SPYvsGME
1
Bitcoin testing supports and looking for a new bottomAs bitcoin has broken through support at 37,000, it is now exploring aggressively the support line at 36,500 respectively 36,000. If support breaks at 36,000, the next support line which Bitcoin can be exploring will be at 35,500 35,500 is also the ultimate support after which an approximate closer bottom can perhaps be seeing at approximately 33,000 Traders should be mindful of both short and long trades. The current Bitcoin trading area is no man's land.
by Mortdecai
BTCUSD Update| Impulse Sell| Local Range| No Man’s Land Evening Traders, Today’s analysis – BTCUSD (Update) - price is now ranging from an impulse sell, further consolidation is likely. Points to consider, - Valid volume influx - Oscillators overextended - Price consolidation - Local S/R levels BTCUSD has printed a probable capitulation candle with a volume influx, marking a temporary bottom. Price is now trying to find its equilibrium, hence will trade in a probable range in the coming days. The oscillators are overextended, however not at full extremes, further downside is probable. The key levels to watch are the local S/R, breaking either will help with the directional bias. Overall, in my opinion, BTCUSD is in no man’s land, scalp trades are only valid with this range, swing trade are to be initiated at key levels. I hope yesterday’s analysis helped! Thank you for following my work! And remember, “Do not anticipate and move without market confirmation—being a little late in your trade is your insurance that you are right or wrong.” -Jesse Livermore
BITMEX:BTCUSD.P
by The_Alchemist_Trader_
6
AUDCAD two possible scenarioson DAILY: AUDCAD is sitting midway between our blue resistance and green support so we will be looking for buy/sell opportunities. on H4: AUDCAD is overall bullish unless price breaks below its last swing, then we will sell this one. meanwhile, AUDCAD would be overall bullish and we will be looking for objective buy setups (trend-following) on lower timeframes. on M30: AUDCAD is forming a red trendline (not valid yet) so we are waiting for a third swing to form around it to consider it valid and then enter on its break upward.
by TheSignalyst
2