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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (53286)	10/26/2020 2:25:45 PM
From: Johnny Canuck	Read Replies (2) \| Respond to of 69236

The market indices have been indicating the market was waiting for something. With the election 8 days away traders might be lightening positions. Wall street trader hate uncerainty and the election is a wildcard. Keep in mind the 700 drop in the DOW is small on a percentage basis. The key is whether selling continues tomorrow or this is just an effect of a day without big news, given that it is Monday, and the psychology of traders mentioned above. TIme to tighten stop losses and lighten up on more speculative stocks without a near term event to move them. IBM breaking below the key $115 level. An intermediate sideways channel that has been in place for a few months has been broken. Time to stand aside and wait for it to find a new natural support level. The support at $112, $105 are weak. $97 represents the panic low for April/May which should attract buyers at that level given traders were selling at all costs at that time.