Intraday Market Thoughts

Now for the Hard Part

by Ashraf Laidi
Oct 4, 2019 17:02

Now that each of our 3 indices trades hit their final target this week (DOW30, SPX500 & DAX30), matters could become a little less straightforward for swing traders. The next 3 weeks will be dominated by data-watching and volatility following for any hints regarding the Fed's October 30th decision. Some say we could retest 2967-70 on the SPX, others are focusing on 26570s on the DOW30. The urgency for an October rate cut (raised by ISMs) was removed by today's mixed US jobs report. The urgency for a cut was removed, but the possibility very much remains. At this point, a violent surge in volatility & resurfacing trade threats from Trump are more likely to trigger the October rate cut than are macro news. Technically, the charts below (from Sep 26) are a reminder that technicals do work, when backed by other relevant technical and sometimes fundamental factors. So far, we have 2 existing Premium Insights trades.

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Now for the Hard Part - Premium Snapshot Spx Sep 26 2019 (Chart 1)


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