Mark your calendars. Expect high market volatility leading up to and on these dates:
- Wednesday, November 2, 2022: FOMC Meeting
- Friday, November 4, 2022: October Unemployment Data
- Tuesday, November 8, 2022: Midterm Elections
- Thursday November 10, 2022: October CPI
- Friday, December 2, 2022: November Unemployment Data
- Tuesday, December 13, 2022: November CPI
- Wednesday, December 14, 2022: FOMC Meeting
S&P 500 / $SPY
- S&P Futures are up, pre-market trading is up.
- We could see a bear market rally within the next 2 weeks leading up to FOMC on November 2.
- The chart above is still in play.
- Investors likely priced in expected Fed rates (75 top 100 basis points) at the last CPI print
Commodities / Copper
Global X Copper Miners ETF / $COPX
- A massive Double Bottom Pattern with a clear retest of the neckline.
- This technical usually results in an uptrend equal to the % dropped.
- Commodities are usually played in months or years – The retest of the neckline here could be a good entry point for a long term hold.
- Be weary of a Double Top formation as well that we could see on the right end of the chart – there’s always the possibility price could drop lower, especially if global markets crash
Bitcoin / $BTC
- Bitcoin has been desperately trying to break out of the downtrend resistance line
- We’ve seen a fakeout before, we could see it again
- If Bitcoin continues to follow equities, price could move to a similar bear market rally above the red trend line and then dip below the ~$17.6k low
Cosmos / $ATOM
- Two weeks ago, we reviewed Cosmos / $ATOM using a Fib Retracement
- The Fib levels indicated a clear support range which was tested again. Prices remain to hold above this range.
- RSI is on the oversold half of the band – if the market rallies, there’s a likelihood price will move up to the next Fib level (~$13 to $14 range)
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