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Mike Paulenoff

Levels To Watch Ahead Of Election Results

Tue Nov 5th 2024
Good Election Tuesday Morning, MPTraders!  November 5, 2024-- Pre-Market Update: Decision tonight?  Decision tomorrow? If not, when?  Who knows? With any "luck," we will know if Trump or Harris is the next POTUS before Thursday's FOMC policy decision! Today's session could be intriguing if the markets gravitate from Point A to Point B and possibly to Point C over the upcoming 8 hours, into the closing bell, and then thereafter during the post-market session after the polls close and on into midnight. The direction and patterns carved out could provide clues about an outcome or the absence of one.

Forced To Adjust Over The Last Week

Wed Nov 6th 2024
I want to start this metals update with another reminder about the manner in which I approach my metals analysis.  With the significant experience I have in trading and investing in the metals complex for decades now, I have learned a lot about how metals run.  And, this has fashioned the manner in which I approach this market.So, as I have explained many times before, if there is a reasonable bullish wave count interpretation for a metals chart that I track, I will usually apply that count as my primary, at least until the market proves otherwise.

Market Continues To Push Higher Into the End Of Day

Wed Nov 6th 2024
Overnight we saw the market break sharply higher only to be followed up throughout the day with a continuation of that move. This action is supportive of the green near-term bullish path that can still take this up towards the 6300-6600 region before any longer-term top is seen. Now while there are still some issues with this count along with the pattern on the other index charts as long as we remain over-support the near-term pressure is going to remain up on the SPX.

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