Bearish Bias: Time to Watch and Wait | SPX Market Analysis 3rd Oct 2024

Ahoy there Trader! ‍‍☠️

It’s Phil…

The SPX market is stuck in a sideways grind, waiting for Friday’s NFP numbers.

While this might seem like a snooze fest, my SPX System is designed to thrive in these conditions—no big directional moves needed!

 


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The market (SPX) continues to grind sideways ahead of Friday’s NFP numbers. While it’s not entirely surprising, the wait can be frustrating.

That said, with the SPX System being an income-styled strategy, we don’t need significant price movement. We just require that the price doesn’t move sharply against our bias to remain profitable.

Currently, my usual pulse bars aren’t setting up for new trade entries, which isn’t necessarily a bad thing amid these erratic price movements.

I’m still leaning bearish and eagerly waiting for a solid drop below Tuesday’s lows around $5,680 to confirm the next move.

 


Fun Fact

Did you know that the SPX 500 includes over 80% of the U.S. stock market’s total value? That’s a hefty slice of financial pie!


 

Happy trading,

Phil

Less Brain More Gain

…and may your trades be smoother than a cashmere codpiece

 


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