Early-session analysis of the major stock indices, sectors, the market-leading FAAMG stocks, TSLA, & NVDA highlighting both the near-term & longer-term outlook for the US stock market. Silver or Gold level access initially required.
During the recording of the video, QQQ was testing the downtrend line (resistance) on the 60-minute time frame. Just after the video ended, the New Home Sales report was released at 10 am, coming in below expectations, resulting in an impulsive rejection off that resistance level.
Bottom line: Both the $NDX & $SPX continue to test key support (the top of the Sept-Oct trading ranges) with positive divergences on the 60-minute charts. However, divergences are not a buy signal & as of now, QQQ remains below the 60-minute downtrend line following another impulsive rejection shortly after the video was recorded today, thereby no buy signal at this time. Should the major indexes drop much from here, they will have fallen back into the Sept-Oct ranges with the recent breakout failing. Volatility will likely continue to increase leading up to & after the elections with whipsaw signals to be expected.
Analysis of gold, silver, $US Dollar, Euro, Coffee, & Natural Gas will follow in another post as well as follow-ups to chart requests from Gold members.