RUT End Of Week Evaluation*** Comments prior to evaluation summary ***
Orion:4Sight Range for coming week: 1633.14 - 1740.65 (Mean: 1686.90)
NOT A POLITICAL MESSAGE, JUST LOOKING AT ECONOMIC/FINANCIAL SITUATION.
Last week saw a 126.26 point run-up, 169% the weekly average.
News sources say this was due to a potential win by President Elect Biden.
Was it? Perhaps it was because earlier President Trump was leading in the battleground states?
Could we see an equally or lesser sell-off this week? Why?
This is the tax situation facing corporations in 2021/2022 with President-Elect Biden.
Raising the corporate tax rate to 28 percent.
Requiring a true minimum tax on ALL foreign earnings of United States companies located overseas so that we do our part to put an end to the global race to the bottom that rewards global tax havens. This will be 21% — TWICE the rate of the Trump offshoring tax rate and will apply to all income.
Imposing a tax penalty on corporations that ship jobs overseas in order to sell products back to America.
Imposing a 15% minimum tax on book income so that no corporation gets away with paying no taxes.
Raising the top individual income rate back to 39.6 percent.
Asking those making more than $1 million to pay the same rate on investment income that they do on their wages.
(Source: joebiden.com)
It will be interesting to see the futures market on Monday.
Trend Analysis:
The current trend is defined by the last price and it's relationship to specific moving averages.
Check the MA strategy for more specific suggestions.
Weekly: The relationship to the primary trend MA is bullish. The price in relationship to the other averages suggest long positions
Price Action:
Weekly: The average price range currently is 74.42 points/ticks/pips. Prices are currently 1.56x the normal trading range. Prices are trading within the mean range for activity. This generally indicates a healthy trading range.
Prices are currently caught in consolidation between 1526.22 and 1652.05.
While in consolidation the trade range may decrease to 45.732 points/ticks/pips.
Standard Deviation
Weekly: Standard deviation suggests a range from 1574.54 to 1713.77 for the following week.
Calculated Price Strength:
The strength of the trend in conjunction with specific averages.
News announcements can change the strength and directional attitude.
Weekly: Trend strength suggests trading between a range of 1606.95 to 1690.15 for the following week.
Price Projection:
The price action has generated a projection signal for the underlying.
Weekly: Price currently displays (if strength and attitude continue) a desire to move toward 1741.12
If strength and attitude continue, it could take between 3 to 6 trade periods (weeks) to reach the projection.
Indicators Summary.
A collection of technical indicators whose directional attitude has been summarized.
Weekly: Out of the cumulative indicators monitored, 90.00% are bullish, 0.00% are bearish, 10.00% are neutral
The CCI indicator trading strategy suggest the following:
Weekly: Strongly bullish - No entries at this time. If in, consider covering..
Confirmation Signal
6 indicators combined to confirm entry/exit.
Weekly Bullish - Open directional trades
