FOR TUESDAY: (11/1) Usually we don’t like to be caught short on the first day of the month and cycles are positive on Tuesday and trade will sometimes buy before a dovish/no hike report on Wednesday. Otherwise we may get a boring repeat of Monday except for the Bank of Japan and their press conference overnight.
S&P ANALYSIS FOR WEDNESDAY: (11/2) We missed the sale on Tuesday as we rarely want to sell before FOMC or the first of the month and both didn’t matter today. Bounces should go back to 2112 or 2116 max. but a secondary low to 2093 could come in. New low to 2077.50 wouldn’t be shocking and daily chart patterns are project 2048 for a pullback. We’re bearish into the election and then think a Hillary win will create a large bounce but it will be short-lived as more scandals come out. Do you really want another Watergate president and impeachment proceedings going on for the next few years?
