Based on yesterday’s closing I am putting all trades on hold to sit out the Trump volatility. Leading to the final results, trading was going as planned. After the results, the scenario changed as his victory speech manage to calm the market and the market reacted real fast. The fast reaction forced me to change my trade plan for the SPX.
The SPX manage to claw back all its loses pre market trading and by the time the US market open. This forced me to abort my trading plan based on the latest price action.
With prices moving strongly up, I would not be calling the bulls yet as the critics, 2184 level looms above. Only if price is able to close strongly above 2184, and then stay above 2193 for 5 trading days, then my view would change from sell to buy.
Gold on the other had would need to break above 1337 or 1268 before we see any significant moves. Leading up to the elections, we saw fund managers moving their funds to gold. Are they ready to come out? Look out for these levels.