Updates for Wednesday November 6, 2024

Click here for Signal Trades spreadsheet.

Updates 2:07 PM ET - Wednesday
Buyable dips?
No doubt that with Trump as president, we are now back in the "greed is good" era.  Retail traders are gleefully buying and equity is surging.  All target levels we listed below are still in play.

Institutions however are very nervous about the budget deficit and have sold off hard on Treasury.  See article here.  This combines with surging $USD, surging bond yields, and surging stock PE create potentially highly vulnerable conditions in the medium term.

But for now, we are looking to buy the dip.  The leading message will come from VX.  We are waiting for VX to build a base and rise some amount, put some fear back into the system, and create some buyable dips.  

Look for VX to build a base between 16 and 17.3.  This base will take multiple days to build so don't rush into anything yet.  

Updates 1:30 AM ET - Wednesday

Tonight the results of the election appears to be affecting market movements tick by tick, based on the electoral vote counts.  Early results highly favored Trump which sent NQ surging sharply.  Right now the media is still favoring a Trump win, but NQ has formed a top on the hourly chart.  So has BTCUSD after tagging 75000.   

We cannot give you a direction right now because it literally depends on who wins the presidential election.  (Also, we desperately need a break and some rest from all of this election madness.)

Here are some levels to look for.
NQ

• If Trump wins, NQ will find its way to previous high at 21216 fairly quickly over the next few days.  
• If Harris wins, NQ will get sold off and drop back to support at 20008 where it will likely bounce.

NVDA

• If Trump wins, NVDA will find its way to 150 fairly quickly over the next few days.  
• If Harris wins, NVDA will get sold off and drops back to support at 135 where it will likely bounce.

NVDL

• If Trump wins, NVDL will find its way to 87 fairly quickly over the next few days.  
• If Harris wins, NVDL will get sold off and drops back to support at 70.4 where it will likely bounce.

SOXL

• If Trump wins, SOXL will find its way to 33.5 fairly quickly over the next few days.  
• If Harris wins, SOXL will get sold off and drops back to support at 30.2 where it will likely bounce.

TNA

• If Trump wins, TNA will find its way to 50 fairly quickly over the next few days.  
• If Harris wins, TNA will get sold off and drops back to support at 41.55 where it will likely bounce.

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Our personal trade plan
We have updated buy orders to scale into NVDL if Harris wins.  If Trump wins, it may be too risky to try to chase price up.   Click here for Signal Trades spreadsheet.
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Disclaimer
The information presented here is our own personal opinion. Consider it as food for thought.  We are not offering financial advice. We are not promoting any financial products. We are not registered financial advisers or licensed brokers. We make no guarantee that anything will unfold according to our projections.  You are proceeding at your own risk if you follow our trades.​​