Stock Indices Reach Important Support

Last week the Stock Indices gave us some great possibilities for trade location. On Thursday, I suggested the price development was countertrend in nature and to expect a lower low on Friday but to watch for internal divergences, which did occur signaling the rotation up at the end of the day.

The most significant area is now Friday’s low. Breaking that low with confirming market internals will be a breakout in multiple timeframes and can lead to a very good move. However, If that low holds, then the probabilities are increasing for rotation back through the range.

The US elections are Tuesday. That also gives the possibility of a pause or rotation at the current Key Reference Area. However, if there is a break in one direction or another, it should be a very good move.

DAiLY BRIEFING 201031.mp4 from Joe Mertes on Vimeo.

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