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The broader markets are in a bit of a precarious situation here. At the moment, the odds favor an attempt to hold the recent low on a retracement and a continued attempt to try and move higher.
That being said, there are opposing messages in multiple time frames, market internal gauges are out of sync, and the anticipated results of the midterm elections are keeping traders on edge.
Considering the depth of the retracement from the October new all-time high all the way back down to the Major support area (we were focused on for a low point), and last week’s relatively wide range reversal, a trading range inside of last week’s range would not be a surprise. This is our belief even with the midterm election news coming, we’ll know soon enough.
The Technical Set Up At This Time
In the broader market indices, we have Sell Setups on the daily timeframe.
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