S&P500 LongTerm Outlook Potentials
Getting above February 2020's ATH's seemed very bullish indeed, the most aggressive V-Shaped Recovery in the history of the
ES1!
. However with elections fast approaching, along with the expected volatility, we must be ready to change our bias in a moments notice. We have a few higher time frame gaps that have caught my eye, particularly two that did not achieve a full-bodied gap fill on 3-Day and Weekly Time Frame Views, located at approximately 3350$ and 2800$ respectively.
Price is currently rejecting from a trend line quite strongly, however if this level is broken to the upside, we have the potential for price to make new ATH's towards the Price Channel Midline and Price Channel High.
However, if this gap at 3350$ fills, that will put us outside of the Price Channel Low, where we could potentially waterfall down to 2800$.
ES1!
. However with elections fast approaching, along with the expected volatility, we must be ready to change our bias in a moments notice. We have a few higher time frame gaps that have caught my eye, particularly two that did not achieve a full-bodied gap fill on 3-Day and Weekly Time Frame Views, located at approximately 3350$ and 2800$ respectively. Price is currently rejecting from a trend line quite strongly, however if this level is broken to the upside, we have the potential for price to make new ATH's towards the Price Channel Midline and Price Channel High.
Comment:
Price has now broken below the first gap, while leaving a smaller timeframe gap behind at approximately $3450.
We are now out of the Price Channel, and have crossed below the Monthly Open Price as well. If the 3D candle can close today below $3340, that will be a full-bodied gap fill from the first gap.
Comment:
Price has retested the channel we broke out of from a few days prior. Currently on Nov 4th @ 5:52am EST, the election is still up in the air, and no clear winner has been determined yet.
