Once again Market Hangs Out at the Highs to begin November
Wed, Nov 1, 3:35 PM ET, by Corey Rosenbloom
Will we get our expected retracement?
Let’s chart the course and update the plan for the S&P 500 right now:
With price extending to a new all time high on this morning’s gap-up, we have a clear scenario.
Traditional odds do favor a pullback/retracement “down away from” the upper Bollinger Band “back toward” the rising 20 day EMA like we saw in late October.
However, our alternate thesis is the ongoing “bullish short-squeeze” without a retracement which would trigger on a firm breakout beyond 2,580.
In the alternate scenario case, we must ignore all aspects that keeps us logically cautious and bearish – and play the market up toward 2,600’s target.
Take a closer look at the intraday activity and plan your next trade(s) in terms of the departure from the upper Bollinger Band and 2,580 price pivot.
Stay tuned as we continue to give you more daily updates and market commentaries!
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Corey Rosenbloom, CMT
Afraid to Trade.com
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