2024/11/05
Daily 4XSetUps - +3.22% Bulls Life Signal Above $66000 Terrain
“yesterday was a bearish day with a closing price at the daily low!
was today's opening around 4 week trend line is a good signal?”
A surprisingly relaxed mood spread across Wall Street today, on the day of the US election. Traders and investors showed more than robust risk appetite on election day. Both the
NDX and the 
SP500 are rising significantly. $NYSE:PLTR and/or 
NVDA shined today, while 
BA weakened significantly. The 
XLK was seen as the driver on Tuesday. The NDX rose by 1.32 percent to 20,227.46 points. The market-wide SP500 rose by 1.23 percent to 5782.76 points. While the leading index 
DJIA rose by 1.02 percent to 42,221.88 points. In a published paper, 
GS strategists assume "that strong fluctuations in the markets are possible after the election, but the US economy is robust and should support the stock market in the long term." Which I strongly agree with. The report also said "that stocks should be able to withstand higher bond yields as long as stronger growth is driving them." Which is why we continue to let our other long 4XSetUps from the USA run - 
MMM & 
GOOGL & 
WMT & 
JNJ & 
YM1! with the corresponding stop prices. Because as has been stated many times: "All 4XSetUps are also based on the assumption that the US economy will grow out of US stagflation without falling into a recession. Although that was hardly the case in the historical context - but as long as the price action stays into a relatively bullish, let's say, not turnaround into a bearish price action trend, we remain long accordingly."$74415 - 2024/03/14 - high of March 2024
$73380 - 2024/04/08 - high of April 2024
$72660 - 2024/06/07 - high of June 2024
$70825 - 2024/07/29 - high of July 2024
$70000 - 2024/11/05 - last price action
After we briefly reached a new historical high in our
BTC1! in day trading on Tuesday, the bears got their appetite on Wednesday, Thursday and Friday last week - and drove up the price action of BTC1! back to under $70000. What we would say in boxing is basically a short-term “impact hit” from a psychological and philosophical point of view! Or? No knockout (yet)! But I can't and don't believe that it won't leave any traces? Was it just a flash in the pan? Are the bears taking over the terrain now? Or will the bulls get back on their feet? And all this during the week of the 2024 US presidential election...“Most of life’s greatest opportunities come out of moments of struggle; it’s up to you to make the most of these tests of creativity and character.”
Ray Dalio
However, I wouldn't be surprised if we fell below $60000.
Because it is the biggest week of the year - which has an external influence on the price action. And not just on our
BTC1! but on all price actions on the financial market, in every asset class. Let's not kid ourselves - there are not only US presidential elections this week, on Tuesday. No, the Fed will decide on yours on Thursday. Which is why I wouldn't be surprised if we got the BTC1! would experience under $60000 this week!? Yes, again above new old all-time highs!?$70844 - 2024/11/05 - 120 SMA hl/2
$70000 - 2024/11/05 - last price action
$69335 - 2022/04/12 - 1st Historical Alltime High
$68045 - 2022/11/08 - 2nd Historical Alltime High
$67423 - 2024/11/05 - 480 SMA hl/2
$62470 - 2024/08/02 - GAP Top Line Before Last SellOff
$59445 - 2024/08/05 - GAP Down Line Before Last SellOff
$62426 - 2024/11/05 - 1560 SMA hl/2
Anyway, today was a vital day for us bulls. An important good bullish day. Not just the proud +3.22% above the $66000 terrain. No - the fact that we turned just above the four-week trend line and started the trading day on Tuesday still gives us bulls hope. Because we can still argue that we have been more or less in a sideways trend for the last 4 weeks - just above the $66000 terrain - but have not left this sideways trend downwards since October 15, 2024! And hopefully not be abandoned either? But I don't want to bore you with a detailed overview technical analysis today - because the decision in the US presidential election is upon us in the coming hours! And that our
BTC1! will not jump up or down? I've never heard that from anyone today! So enjoy the decision of the US election, in the next hours - and let's think about what happens tomorrow...With best wishes
and with good intentions!
Aaron
“daily 4XSetUps - …” is pure information material!
By trying to give you even more information about some trading capabilities to trade and/or invest in some securities. This post is not a call to action - it only provides information. You decide (not) to decide. Even if I am writing daily 4XSetUps with concrete entry prices, target prices and/or also stop prices! It is like it is - like I said; You decide to respond to the analysis I just formulated to buy, to sell, or to do nothing! More information about my approaches to investing in something specific or just trading it, or even just describing it, can be found in the daily "Another 48h - DXY ...! Analysis Post. Where I try to track the price action in
DXY every day so that we learn something new daily.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.