It is still too early to look for any swing trades in Sp500. I continue to trade it intraday on managed accounts. Based on all my studies (Cycles, Intermarket forecast, Advance Decline Line, Seasonal) we should expect choppy trading with a downside bias. Don’t marry your positions, we will likely see increased volatility before the elections. Talking over the very short-term, if Monday is down hard there is a high probability that we will see a Turn-Around-Tuesday. Overall, selling rallies is still the best option.
Coffee reached our target at 120. However, there is still no signal the decline is done and we want to follow the trend. The support is broken and it makes me believe there is a big chance we can see a retest of important support/resistance near 104. So, if you still hold your shorts, consider adding trailing stops and let the good time roll.
Sugar followed our analysis very well. The divergence has ended since RSI is above 70. Besides, the price is nearing the important resistance zone 12.80 – 13.20. I mentioned previously this market doesn’t have a strong setup. So, book your profits soon.
Wishing you a great week!
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