Weekly Price Action Setups & Key Levels | Nov 6-11
My current open active trades: GBPJPY, Silver, AUDUSD (option), AUDUSD (spot)
Silver – Attempting to Break Key Role Reversal Level (daily chart)
After rallying early last week, Silver has run into a key role reversal level around 18.45 which we talked about in prior commentaries. For now, MT my bias is bearish while below this level on a daily closing basis.
Bears looking to get short have their trade location while bulls will want to wait for a BOPB setup before getting long.
Check with the members trade setups commentary for updates on how I’m trading this.
S&P 500 – ST Below Key Resistance Level, US Election Key (daily chart)
After losing ground for 4 straight days last week, the S&P 500 is sitting just below a key resistance level around 2120. With the US election coming up Tuesday, my guess is the price action will be volatile until the final results coming in with a Trump victory likely resulting in a sell-off while a Clinton victory likely boosting the US index and perhaps a challenge towards the yearly highs.
For now, I’d suggest caution until after the election, but use the 2120 as your key level for bulls and bears. Selling off here will put pressure on 2080 and 2000 while breaking above will put the offers around 2175 on notice.
Look for updates in the members trade setups commentary.
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