S&P500 Consolidating Above Major Support

This coming week be will crucial in terms of even risk. Nevertheless, the price hasn’t been moving much since last Thursday. Eventually, this consolidation will break The most likely catalyst is the upcoming US election on Tuesday, November 2nd. Could this even risk push price back lower to test the major support level above 3200? Defiantly a likely scenario that must be considered seriously. You should also keep in mind that any breaks below 3200 will be considered very bearish .

Nevertheless, if the price manages to hold 3200, a buy position looks attractive. At this point, your risk-reward looks better. Don’t forget, the stimulus is coming and interest rates will be 0% for at least 2 years.

Chart:

S&P500 Consolidating Above Major Support by EmpowerTrader on TradingView.com

Trade Plan

Buy:
Is this bull market over? I don’t think so. Fundamentally, the stimulus and 0% interest rates across the globe has created the perfect environment for asset appreciation.
Idea#1: Buy 3220. Stop-loss 3180.

Sell:
Remember that if price breaks below 3200, that is very bearish.
Idea#1: Sell below 3130. Stop-loss 3240.

Trader’s Positioning:

XM Broker (High Speculative Appetite)
Buy: 59.3%
Sell: 40.7%

IG Broker
Buy: 45%
Sell 55%

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