A Regular Good Week
Indicators are pointing to a good week.
The McClellan Oscillator is at 9.14 and slowly climbing but in the positive this time.
I don’t expect any shaky behavior.
RSI is at 63.11 and really converging to the Upper Limit, where it’s considered oversold.
Zooming in a little, we can more clearly see that behavior.
It is literally AT the Upper Limit, so any behavior where it creeps above that line only adds to the probability it’ll drop. I wouldn’t be surprised if we see another super rally in the broader makret soon.
Catalysts: None
Last week I mentioned that there are few key markets that might shoot up if a candidate wins. Don’t look at preliminary poll results for ideas on who will win. They are notoriously meaningless.
I also mentioned a couple key (generally bi-partisan) news sources I plan to follow are FiveThirtyEight, Politico, and the Associated Press (aka AP). I want to be upfront here, elections don’t really have much to do with the broader market. 1 However, there should be some market-specific runs to look for.
https://www.usbank.com/investing/financial-perspectives/market-news/how-presidential-elections-affect-the-stock-market.html