Traders are trying to defend support and hold prices higher on to start the week.
However, there’s a lot of chatter of a post election bounce and that’s concerning (from a contrarian perspective). As well, the Dow Industrials are showing a bit more strength than the S&P 500 or Nasdaq.
I am cautiously long, though I think that bounces are likely to fade even as resistance levels push higher.
We sold off on a solid jobs report, but we are attempting to hold higher lows.
Lurking around the corner is the election, and then there’s the Fed… looking to increase interest rates once more. Careful here.
Check out our key trading levels below.
Stock Market Futures Video Update – November 5, 2018
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The author trades stock market futures every day and may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
