ES Morning Update October 30th 2024
Up as expected yesterday as the market breaks out of the falling channel. I think it’s pretty obvious now that the market is holding up into the election, which isn’t a shocker really. With polls now favoring a Trump win it seems that traders are buying in front of it thinking that we will continue higher after he wins. But the technicals tell me we will rollover afterwards instead as we have quadruple negative divergence on the weekly chart right now, with the RSI pointing down, and the daily chart also has a weak looking RSI with the MACD pointing down too.
The short term charts are the only ones that are bullish that I can see. The 6hr chart is pointing up on its’ RSI and MACD, but it’s a grindfest to gain much traction without support from the daily it seems. I don’t have much to add that hasn’t already been said.
It could grind all week long as we are in a holding pattern until the election is over with. Maybe they squeeze out a slight higher high, or it’s just a double top? It’s hard too tell on the ES/SPX right now as there’s plenty of time left to do that new high if the want too. I don’t think its’ as important as the Nasdaq as the market might be trying to make a new high on it before we top and tank, and the ES can just do whatever when that happens.
Have a blessed day.
Source: http://reddragonleo.com/2024/10/30/es-morning-update-october-30th-2024/
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