Gold Daily Chart:

Price still very bullish - however...

We seem to be starting a pullback here, that may head down to retest structure.

I will share revealing COT report data that we also just got if you'd like.

Please thumbs up this message if you'd like me to share some COT stuff!

- Nick

Take a look at the highlighted area closely.

While the pros are still very long overall, they seem to be doing some interesting activity.

Last week they reduced long positions, and INCREASED short positions...

🤔

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(Write it down! ✍️)

Note: for Nasdaq, institutional money added longs, and added less shorts

But check out SPX..... 👀

If you have any questions, speak with our support line here:
https://tawk.to/chat/62e5d26254f06e12d88c1ec2/1g98rrk80

USOIL 4H Chart:

Price was able to fill the weekend gap quickly. Oftentimes this can lead to continued strength in the direction of the gap close.

Can Oil break resistance here and continue?

- Nick

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- James

TSLA Daily Chart:

We're seeing some strong reaction to this gap open support level.

Nice pullback after TSLA's strong earnings pop.

I am currently in longs, with a covered call sold against my position at 290. I will share a picture in a moment.

- Nick

Gold Daily Chart

Don't rush it...

- Nick

Gold opened higher this morning, but after a considerable drop from the the highs. The metal's score has declined going into the election with a decline in investors this week potentially due to fears of volatility or simply not wanting to trade until they see the outcome.

There is a chance that a Trump victory could bring risk sentiment back which could hurt gold's optimism going into 2025. If Harris wins, it might be more of the same for gold. This pullback from the ATH is just a profit point and a level to stall before the election results.

- Frank

Now that indices have been removed from the bullish category, RUSSELL small caps remains the highest score out of them all. This was due to a bullish change by 3 points on the score from trend readings turning positive.

The put/call ratio is higher going into the election as there is more open interest on the put side than the call side through Wednesday.

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Smart money shows another interesting reading on positional activity. With SPX as the top bought asset, institutions may be looking for higher moves post election results. The yen is also seeing the most action out of any other asset on the list, as long positions have dumped over 12% on the currency. This is a risk-on type of sentiment that could be interpreted from selling yen.

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This week is going to be one of the craziest weeks of the year. With elections, to earnings, to Federal funds rates, we are in for a heavy move. Our business forecast tool is displaying lower rates in Q4 of this year, as well as a continued drop from then on to Q3 of next year.

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Interesting thing to keep an eye on for tomorrow (election day!)

The stock market likes divided power, and is bipartisan!

S&P500 Daily Chart:

On a technical note, the S&P500 remains in a solid uptrend, and has recently pulled back to a key support level.

On a macro note, I think the US election being put behind us will be a bullish this for the market - despite the winner. The lifted uncertainty of who the president is will likely give way to strong government spending regardless, which could continue to fuel stock market performance.

Additionally, the fed still seems likely to continue cutting rates, in an economy that has remained relatively robust.

Finally, we see a strong 4th quarter rally often within the stock market, finalizing with a possible "Santa Claus rally" end of year.

I am long. Not irresponsibly so, but long.

Not financial advice. Markets will likely be very volatile over the coming weeks.

- Nick

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