As I stated on my show today there are movements happening within the “markets” that seem to be playing out almost a bit too textbook. We’ve bounced up and down and back again touching very significant indicator levels such as that on the Fibonacci scale and more.
“What does it all mean?” I can hear you say. Well, as I said prior, no one knows for sure, and for those that will tell you they do, don’t just walk away, but run and fast!
However with that said there are some very significant voting taking place in the U.S. and the outcome could shed more light on how this “market” wants to view or anticipate a possible Bernie Sanders or Joe Biden outcome.
I’m going to post two charts. The first is from the cash session in the U.S. using the S&P 500™ via 15 minute candles/bar intervals. I’ve noted it although to a trained eye it’s pretty self explanatory. i.e., it’s making text book technical moves that are implying a very real possible reversal. Reversal meaning – significantly lower.
The second chart is of the S&P futures via the E-mini™ as I type this. (approximately 8:15pm ET) Again, it too is expressing similar text book patterning of up, downs and more much like the cash session. Yet, if this pattern resolves to the down side with vigor during the overnight – this is where it could mean a morning that makes the last “limit down” look down right tame in comparison.
Remember: this doesn’t mean it will – but that’s what I’m watching.
As always, we shall see.
© 2020 Mark St.Cyr