SPY/QQQ Plan Your Trade For 9-25 : Carryover in Carryover Mode
Today's carryover trend will likely prompt a moderate meltdown in the SPY and QQQ. Pay attention to how the QQQ is still transitioning away from the shorter-term (blue) Excess Phase Peak pattern while the SPY has broken both the long-term and short-term Excess Phase Peak patterns.
In my opinion, this suggests the markets are still struggling to move higher overall.
The recent Fed rate cut will prompt the markets to shift attention towards more undervalued stock sectors. This will prompt a fairly broad-market rally phase to settle into place.
However, the US elections, which are only about 35 days away, act as an "uncertainty factor" for the markets.
Thus, we have a very interesting dynamic. The markets want to transition into a fairly broad rally while uncertainty and concern related to US policy and leadership are becoming increasingly contentious.
This translates into volatility, and I believe the markets are set up for a DEEP-V type of Flash Price move over the next 30 days. This is why I'm urging traders to stay cautious of a big volatility event after October 10-14.
In the meantime, the SPY and QQQ should attempt to rally a bit higher, and Gold will try to reach $2710-2720.
BTCUSD, on the other hand, looks like it will roll downward, targeting the $60,150 level.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
In my opinion, this suggests the markets are still struggling to move higher overall.
The recent Fed rate cut will prompt the markets to shift attention towards more undervalued stock sectors. This will prompt a fairly broad-market rally phase to settle into place.
However, the US elections, which are only about 35 days away, act as an "uncertainty factor" for the markets.
Thus, we have a very interesting dynamic. The markets want to transition into a fairly broad rally while uncertainty and concern related to US policy and leadership are becoming increasingly contentious.
This translates into volatility, and I believe the markets are set up for a DEEP-V type of Flash Price move over the next 30 days. This is why I'm urging traders to stay cautious of a big volatility event after October 10-14.
In the meantime, the SPY and QQQ should attempt to rally a bit higher, and Gold will try to reach $2710-2720.
BTCUSD, on the other hand, looks like it will roll downward, targeting the $60,150 level.
Get some.
#trading #research #investing #tradingalgos #tradingsignals #cycles #fibonacci #elliotwave #modelingsystems #stocks #bitcoin #btcusd #cryptos #spy #es #nq #gold
Has my research helped you protect and grow your wealth?
Join Ment.Com Expert Growth Today
60-Day Trial, 6-Month Trial, & More.
ment.com
tradetank.com
Follow me on Youtube, TradingView, Others.
Join Ment.Com Expert Growth Today
60-Day Trial, 6-Month Trial, & More.
ment.com
tradetank.com
Follow me on Youtube, TradingView, Others.
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.