My election call worked out better than my market call. While the votes were being counted stock futures plunged. On November 9th after Trump was declared winner - the cash market dropped for one minute before starting an all day rally.
Near term there could be more rally up the declining trend line, and/or a .786 retrace of the Nasdaq decline from the high of the year.
Mark
Comments
jiukun
⋅
Thanks, Mark. So, you mean that the market will probably touch the declining trend line and then go south?
Zhilin
markrivest
⋅
Hi Zhilin
The Nasdaq could reach the lower trend line which is the next logical stopping point.
If it can reach that area then we can see if it holds.
My newest article in Traders.com Advantage was published on Tuesday before the election.
In that article I note some areas of bullish momentum and that the bears are running out of time- seasonally.
As of now we can't rule out a possible move of the three main US indices reaching new all-time highs.
Mark
jiukun
⋅
@markrivest, Thank you Mark. In your Traders.com Advantage article, you mentioned that Nov.11 is probably a Fibonacci time point (Adding a Fibonacci- 89 calendar days to the August 15th). If the Nasdaq touches the lower trend line on Nov.10, and then goes south on Nov.11, this is exactly consistent with the predicted Fibonacci time point. What do you think?
Best
Zhilin
markrivest
⋅
Hi Zhilin
Yes that could happen. Evidence in the near term is not strong in either direction.
Zhilin