Market Rally? More Like a Messy Range! | SPX Market Analysis 7th Oct 2024

Ahoy there Trader! ‍‍☠️

It’s Phil…

The market’s been doing the cha-cha while we’re all waiting for the next big move! Despite a post-NFP rally, prices remain trapped in a messy range, leaving traders in suspense. Let’s dive into what this means for us!

 


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Despite a market rally after last Friday’s NFP figures, prices are still bouncing around in a sloppy mess of a range.

It feels like we’ve been stuck here forever!

Normally, I’d relish trading in such conditions.

However, the lack of clear boundaries is making this tricky.

I’m holding my breath for a solid breakout, either up or down.

Trading this range has become a real challenge. The evolving boundary levels mean we have to be cautious and wait for a definitive move before we can act.


Fun Fact

Did you know? The longest recorded stock market downturn in history lasted 29 months during the Great Depression! A little reminder that patience pays off!


 

Happy trading,

Phil

Less Brain More Gain

…and may your trades be smoother than a cashmere codpiece

 


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