Updates for Thursday 11/5/20

Click here for our Signal Trades.   
Below is a time-delayed excerpt from our live updates for members.

Updates 1:03 PM EST - Thursday 11/5/20

FOMC 
FOMC announcement is at 2 PM EST today.   Though we don't expect any major announcement from the Fed, we should allow for profit taking activity immediately after the announcement.   

$SPX $NDX IWM surged up this morning to form today's thrusts (see below).    Now $SPX $NDX are in the process of snapping back to support at their 50 EMA lines (5-minute chart).   

Expect FOMC announcement to make them to drop towards their 200 EMA lines (5-minute chart).    That would be a low-risk setup to add to your long positions based on  $SPX $NDX.   

Additionally, $SPX $NDX IWM are expected to form the last thrust of the current up swing by tomorrow Friday.   So the end target is likely to be the highs of 10/12, not 9/2.   

After that we may see a short-term down swing before the next up swing.

Updates 9:12 AM EST - Thursday 11/5/20

Summary
Short Term:   Bullish for $SPX $NDX IWM.   They should reach 9/2 high later next week.

Pre-market
$SPX $NDX IWM are gapping up big again.  For today, the indices are forming these thrust counts.​

• $SPX:  Thrust4 (out of 5)
• $NDX:  Thrust3 (out of 5)
• IWM:  Thrust4 (out of 5)

Pre-market price actions currently tell us that $SPX $NDX IWM may tag yesterday's closing price before rising to form today's thrust.   

Earlier we had entered TQQQ Position2  in Signal Trades pre-market.  We may add a TQQQ Position3 when price pulls back to tag yesterday's closing price. 

Updates 2:14 AM EST - Thursday 11/5/20

Summary
Short Term:   Bullish for $SPX $NDX IWM.   They should reach 9/2 high later next week.

Big Picture:   Bullish at least until after $VIX $VXN finish consolidating. 
 ... 
SUBSCRIBE now to read the rest of this post, including current analysis and projections for $SPX $NDX IWM.  Get complete access to our intraday live Signal Trades.   Take advantage of our introductory low rate of just $39/month.  You can cancel anytime.

Click here for our Signal Trades. ​​​

---