Updates for Friday 11/6/20

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Below is a time-delayed excerpt from our live updates for members.

​Updates 12:23 PM EST - Friday 11/6/20

The last couple thrusts may be big
We wrote last night and pre-market this morning that the current up swing is approaching the end.   However, instead of petering out at Thrust4 and starting the drop on the early side, $SPX $NDX IWM are likely to have a couple more big thrusts to propel them up quite a bit higher.

$SPX $NDX IWM, as well as SPY QQQ TQQQ TNA, are likely to reach the top of their orange resistance zones early next week.   In fact, this morning sharp drop at open relieved some of the profit-taking selling pressure, thereby creating an intermediate level of support to propel $SPX $NDX IWM higher.

The most reassuring proof is $VIX and $VXN looking poised to drop out of their consolidation zone, as shown below.   That would be bullish tailwinds for $SPX $NDX IWM to rise even more.

For these reasons, we are holding our TQQQ positions in Signal Trades over the weekend.

Updates 9:18 AM EST - Friday 11/6/20

Short term up swing approaching the end
As we mentioned in earlier writing today, the current up swing is approaching the end.

We recommend taking partial profits.

• $SPX:   scale out between yesterday's high and 10/12 high.
• $NDX:  scale out between yesterday's high and 10/12 high.
• IWM:   lock in partial profit at opening price.

$SPX $NDX are unlikely to rise above their 10/12 high by the end of the current short-term up swing.   We expect bigger pullbacks before a new up swing starts.

$VIX is bouncing inside its consolidation zone.   This should provide a period of calm to support the last thrust of the current up swing.

Updates 12:45 AM EST - Friday 11/6/20

Summary
Short Term:   Current bullish up swing that started on 11/2 may be done Friday or Monday.   Minor selling will most likely follow, but nothing that's highly bearish.

Big Picture:   Bullish at least until after $VIX $VXN finish consolidating.   
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