As you can see from our last post, we were expecting a 'second wave' to the downside to coincide with the second wave of political mayhem. On October 19th, we told our subscribers to step aside once again as the market technicals broke down.
Looking at the chart of the S&P 500, we see that on October 19th the price closed below our proprietary indicators we call the DMA and the Ribbon. This is our signal to get out of the market and then wait for price to get above the both indicators.
With the election coming up we have no idea how the market will react, so we will 'stand down' and 'standby' 🙂
What we are looking for is for the Ribbon to get up above the DMA and price to be above that. This will take some time to work out. Happy Trading!
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