ES Thanksgiving Thoughts
Updated
I would expect things to move higher towards 3700; although there will likely be some resistance around the FIB of the drop, hence my exit point. Also, I would anticipate more sideways and slowly bearish movement through end of November and December. The real devastation will come when the virus cases have reached a level where brick and mortar retail cannot be open. Commerce will shift even more to online than it already has. Vaccines will come and there will be a release of "good news" for every negative event.
In the long term, it is clear the printing of money is going to drive prices higher and higher. Although we should be at the 3000-3150 area (at least), it now seems unlikely to get to that point since there is a hyper awareness and a reactivity to a potential market crash. Unfortunately, that means we will see the effects of these "fixes" in other forms like inflation and loss of USD value. Perhaps one day in 2021 or 2022 when no one expects it, there will be a drop to fill that gap, but I would hold out on that happening any time soon.
That being said, the name of the game is play like a bull, but be defensive and cautious. Perhaps most importantly, find alternatives to the USD to store your wealth.
None of this is financial advice and should not be received as such.
Happy Thanksgiving.
In the long term, it is clear the printing of money is going to drive prices higher and higher. Although we should be at the 3000-3150 area (at least), it now seems unlikely to get to that point since there is a hyper awareness and a reactivity to a potential market crash. Unfortunately, that means we will see the effects of these "fixes" in other forms like inflation and loss of USD value. Perhaps one day in 2021 or 2022 when no one expects it, there will be a drop to fill that gap, but I would hold out on that happening any time soon.
That being said, the name of the game is play like a bull, but be defensive and cautious. Perhaps most importantly, find alternatives to the USD to store your wealth.
None of this is financial advice and should not be received as such.
Happy Thanksgiving.
Trade closed manually
Took profit earlier than expected with a trail on this; still think it will go higher. Separately, what a massive candle there was at 7:50AM today (Thursday) further proving my point of the unprecedented liquid infusion. Yikes.
The prediction is in...
= FIB
= FIB
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.