Wednesday, November 3, 2021

SPX Update: No Days Like Fed Days

For roughly the past two weeks, "bull: 3" has been hovering above [whatever the current price was for each day] the market at higher prices, but yesterday, we finally got into that zone:

So we are finally at least into the lower edge of the bull: 3 target zone, though it can run a bit higher if it wants before correcting into bull: 4 (or before completing black C, which bears would love, as it would lead to a revisit of last month's lows).

The 10-year Trash-ury yield is interesting here, and worth keeping an eye on:

Today is, of course, a Fed day, which -- if the last few years are any guide -- means the market will act like it's going to go crazy during the first half hour it's open, then will settle into a trading range and try to put everyone to sleep, then will go crazy again right as the announcement is made... then MAYBE will actually do something for the last couple hours, or may just do another head-fake/whipsaw.  

"Fed days are fun!" -- Nobody

It will be interesting to see if there's any reaction to the blue "bull: 3" or black bear C zone, though.  Trade safe.

1 comment:

  1. I was going to call this a B wave top of 3-3-5 running FLAT