Many are blaming interest rates and tariffs, but the market players are scared of the elections coming in November. We needed to see how Monday 10/15 closed to see what is happening into next week. Below is the result.
Looking the array below, will give some idea what is going on:
We closed today at 25,250.55.
Friday 10/12 last week we closed at 25,339.99
Using the Arrays above we have a turning point on the daily on 10/15 into 10/16. Then we go 3 days same trend into 10/19. So what we have to watch then is the following if statement during these turning points.
Scenarios Till End of Week:
- If we re-test the low on the 15th, we may hold and rally into the end of the week.
- If we bounce and exceed 10/12 Friday high (25,339.99) then we may have decline into end of week
The forecast appears to be scenario 1 above, so we may rally into the end of week.
But remember, this is a forecast till end of week. And only till 10/19 when we have turning point. Keep in mind, the directional change was on 10/11, this direction change is down. We need to watch till the elections, and keep a look out for 10/18 or 10/19 — this is a panic cycle. This is usually a move in one direction, then the opposite direction in the same time frame(day for this event).
- Quite possible rally to end of week on 10/19
- Key days are: 10/18 or 10/19 (panic cycle) — sharp move one way, then reverses same day
- S&P and NasDaq key days are 17th…
- NasDaq has directional change tomorrow, look for change of direction then 10/16 another direction change
- It’s going to be choppy till elections… so lets watch without emotion
- Our critical support 21,600, only closing below this on Oct, Nov would alter trend down short-term