Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Red Dragon leo (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

ES Morning Update November 2nd 2021

% of readers think this story is Fact. Add your two cents.


The market is clearly waiting on the Fed to speak tomorrow at the FOMC meeting. Nothing has changed as everything is still very overbought and a pullback is needed. When it starts is the hard part of course as it’s not usual for any FOMC meeting to be a turning point.

The Fed never likes to get the blame for anything and if I went back and looked at all the prior meeting days I’d likely find a whole lot more of them that closed green versus red. But as strangely as this appears this meeting could be a turning point for the pullback I’m still expecting, which in the past it was common to see the meetings front-ran by traders… meaning that whatever the Fed said was already “baked-in” and it didn’t matter if it was negative (or positive) news the meeting never really moved the market much.

So I’m scratching my head here wondering why they are setting up this meeting as a “turn” date? Everyone knows they are going to start tapering soon (which will be next year some time I’m sure), so that news shouldn’t scare anyone.

Yet we’ve rallied around 360 points up in the last 4 weeks going into this meeting, which I understand from a point of view that tricks the most traders. Afterall, rallying into negative news is the opposite of what everyone expected… or a least everyone that likes to front-run the event. Now I’m thinking they might trick all those expecting a turn down with some fast final pop higher to the next major resistance around 4700 and then do the pullback.

That would certainly be a sneaky move so it’s got to be considered for sure. I’m still bearish here as another 5%+ pullback is coming, but they aren’t making it easy to time the start of it. I’ll be a bull after 4400 is pierced as then we start the Large Wave 3 up into the end of the year. Currently though I’m still waiting on the Large Wave 2 pullback to start. Nothing more to add really as we are still in a wait mode for now.



Source: http://reddragonleo.com/2021/11/02/es-morning-update-november-2nd-2021/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.