The market likes round numbers. Maybe 5750. Will still take 60 if I can get it as I feel I'm pushing my luck already shorting this beast.
Nobody knows... I posted historical analogues this weekend suggesting high probabilities of a correction going into the election, so I'm happy to see it play out as anticipated. As @Picaso pointed out it's possible the aftermath of the election will be very messy this time regardless which party wins, so who knows how and when? I'm sure that eventually, as the dust settles, we'll be back in rally mode to new highs. Just not yet is my guess.
I trade both sides but I am most at ease when long in an uptrend, even though being short in a down swing often pays me more and pays me quicker.
Plebes like us will never know if this was in fact the case, but a 2.1% move on the Q's means that 100's of billions of dollars came out of the high flyers for some reason... and it wasn't a lousy earnings report by one of the big 7. It's the biggest S&P drop on Halloween in 13(!) years. Boo.
Flat at 60 on a trailing stop. Close, but no cigar... Could be a LOD here, but I'm not convinced until we see a good thrust higher. Probably calling it a day here.
I would say I feel more accomplished or satisfied when I'm trading the short side correctly on a rare occasion, but the truth is that the wins in trading gives me very little joy. On the other hand, the losses tend to hit hard. Still regret the day I was stupid or gullible enough to pursue day trading.
I'm not big on charting patterns, but I saw this on my SPX daily chart yesterday. Bit of a wedge formation here and you can observe the thrusts higher have lacked breath lately. Big purple line is last month's close. I was thinking we'd at least test that today and continuation lower if that didn't hold.
Same here. I don't feel any juice from the wins, but I really dislike losses. If I could reach the same equipoise in a loss as I feel when I win I feel I'd be a 7-figure trader very quickly. I don't know how to flip that switch.