A Slow & Choppy Week!
This week has been soo choppy and I am tired of looking at it! Its not yet clear if we want to fall past 577 towards 574 and find support there on SPY, or if we want to continue to form a new order block and then break out to continue our bullish run.
Based on the candlesticks thus far and looking at the fair value gaps (FVGs) formed on the daily and weekly, I believe that price action has the potential to continue to drop to as low as 563 on SPY. It could take us a few weeks to get there but its possible.
We are only a few weeks away from election and officially naming our new US President! Due to the anticipation of the results, we could see fear being pumped into the market as near closer to Nov 5.
As of right now I am waiting to see what how we close this week. Trading the chop can be challenging, but also possible with the correct strategy.
Based on the candlesticks thus far and looking at the fair value gaps (FVGs) formed on the daily and weekly, I believe that price action has the potential to continue to drop to as low as 563 on SPY. It could take us a few weeks to get there but its possible.
We are only a few weeks away from election and officially naming our new US President! Due to the anticipation of the results, we could see fear being pumped into the market as near closer to Nov 5.
As of right now I am waiting to see what how we close this week. Trading the chop can be challenging, but also possible with the correct strategy.
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.