Good morning everyone.
It’s Friday, and I for one am so glad the last weekend before the election is here. Let’s cross our fingers and hope we can return to some normal market price action once the election is behind us.
Today we have the Employment Situation number and International Trade report at 8:30 eastern. Both numbers have the ability to move the market under normal circumstances but with the election pending, normal seems nearly impossible to achieve. Currently, the Futures are pointing to a slightly bearish open but after the economic reports, anything is possible. With the SPY, IWM, and DIA so very close to the 200-day average we should not be surprised to see price move that direction and even pass through before a relief bounce occurs. I do however think the charts are telling us a relief bounce is near and possibly even today it could occur.
With it being Friday and just before the election I doubt very much there will be any new trades today but never say never. If you have been looking for a great day to take off this may be your opportunity. I’m confident better trading on the way soon. Have a fantastic weekend everyone.
Trade Wisely,
Doug
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