Weekend Review & What's Next
WEEK OF 11/3/2024
Happy Weekend, Traders!
I hope everyone’s enjoying their Sunday! Thursday was a standout day as we had anticipated the potential for a significant downside move below 5842, and that’s exactly what unfolded. The market gapped below 5800 at the Thursday open, driving a sharp sell-off that led to a daily close below 5749. On Friday, we maintained our view of considerable weakness from Thursday's close, advising traders to watch for any strength around 5754—but warned that 5800 would be the line in the sand.
We saw the rally halt precisely at our 5803 resistance target before reversing, closing Friday at 5759.25. This close beneath 5780 weekly timeframe and Thursdays Close on the daily below 5749 solidifies a bearish tone going into next week.
We have a huge week ahead with the election and back-to-back major economic events. On Tuesday, ISM Services PMI data is scheduled, followed by the Presidential election throughout the day and into the night. With election-related volatility expected to extend into Wednesday—even without formal news releases—brace for significant market swings. Thursday will bring further crucial events with unemployment claims and an FOMC announcement. This convergence of economic releases with election aftermath could make Thursday a particularly volatile session.
This week’s video is longer than usual, at 30 minutes, but for your own trading safety, I recommend watching it in full. I provide an in-depth look at the current market structure, potential election-driven volatility, and the broader areas of weakness we’re seeing. I walk through each level and area of interest using TradingView and Sierra Charts to outline exact levels to watch for significant reactions and to help prepare for possible extremes in price movement. Markets could see levels far beyond typical ranges under these conditions, so it’s critical to understand the full plan.
Stay safe, stay focused, and together, we’ll conquer these markets!
Ryan Bailey
Vici Trading Solutions
NEWS
WHATS NEXT?