Futures Forecast Week of Nov 11
This week we are going to be looking for Gold and Emini Dow(YM) Futures in our special video analysis. As the U.S. election are tomorrow the markets give us a glimpse into how hopeful wall-street truly is about this big national event.
Based on the YM and ES we are seeing price at the top of the daily range and breaking through previous resistance. Note that this is the top of the range and it could range around here then drop again but things are looking good to the upside on the Daily. If we look at the weekly perspective we are in nothing but pullback from the rally that we have had the entire year. So we could easily retest the highs of the year as the U.S. election results are broadcast.
As we retest the highs it also possible that we fail to break them and a possible new downward push could happen. Either way I see the range that we are currently in coming to an end as election results are given. Given the current conditions of the Indexes I believe that the markets are still looking very bullish and hopeful with the prospective new candidate taking office.
To do our weekly Futures forecast, we use our elite neural network software to define the trend on each market. This is done using multiple criteria and all automatic in the Elite system. You can never be right 100% of the time, but we should all have a plan, and then react with the market as it changes. When price moves and breaks through or bounces off the zones, the software automatically changes and adapts to the market to help keep you from being on the wrong side of a trade.