MBO Issue 58 (Oct 2016) Special Update
By Lawrence
Oct 26, 2016 special update on stock market current condition, specifically for S&P500. Important short term and long term trading strategies disclosed.
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Comments
The “no matter what keeps the stock market stable before election” principle is at work while NQ clearly broken its up trend.
Given the sentiment bearishness it will be very difficult for the indices to go much lower. A slingshot move pushing ES back up to 55-60 area first is consistent with the seasonal strength around this time.
Should ES stays strong going into election, the rollover will be even more spectacular.
ES simply rollover and dropped. It is getting close to the minimal target area of 2080-2100.
Once that open gap is tagged, we cannot tell if a strong bounce is in store. So lock in profit there is important.