![\"\"](\"\/\/www.t3live.com\/blog\/wp-content\/uploads\/2018\/11\/spx-11_6-micro.png\" "\\"spx")
<\/span><\/p>\nNow let's look at a more intermediate-term chart.<\/p>\n
If 2603 gets lost, traders will start worrying about a trip to 2560 – 2580, and a rougher road to end 2018 and start 2019.<\/p>\n
Now let's take a look at the big macro chart.<\/p>\n This is why I said we can't too easily buy into a giant year-end rally.<\/p>\n A rally from here could complete the right shoulder into 2800-2840, making 2600ish the neckline.<\/p>\n If this pattern triggers to the downside and the neckline breaks, the measured move points to 2300 — which could be a 2019 story<\/p>\n Positions Disclosure: <\/strong>As of November 6, 2018 at 10:33 a.m. ET, Scott J. Redler is long FB, AAPL, SPY, IWM<\/p>\n","protected":false},"excerpt":{"rendered":" We’re ahead of the biggest political event since the 2018 Presidential election. It seems like a Democrat House and Republican Senate would be equities friendly. And as long as we hold the SPX 2700 area, I’ll be positioned for it to clear 2756 for a move back towards 2816-2840. But if that rally happens, don’t rush to buy into bull hype too quickly. Seasonality and buybacks may be on the bulls’ side, but there’s a bigger pattern to worry about. (more on this below) If the Democrats take the House and Senate, volatility probably spikes. A close of below 2700 would probably mean a retest of 2603. As you can see on the micro chart below, an inverse head & shoulders may be setting up. The election results may dictate if the pattern resolves up, or if the right shoulder gets broken for that 2603 retest. Now let’s look at a more intermediate-term chart. If 2603 gets lost, traders will start worrying about a trip to 2560 – 2580, and a rougher road to end 2018 and start 2019. Now let’s take a look at the big macro chart. This is why I said we can’t too easily buy into a giant year-end rally. A rally from here could complete the right shoulder into 2800-2840, making 2600ish the neckline. If this pattern triggers to the downside and the neckline breaks, the measured move points to 2300 — which could be a 2019 story Positions Disclosure: As of November 6, 2018 at 10:33 a.m. ET, Scott J. Redler is long FB, AAPL, SPY, IWM<\/p>\n","protected":false},"author":4,"featured_media":21349,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[671,76],"tags":[],"class_list":["post-35583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-no-ads","category-scott-redler"],"yoast_head":"\n![\"\"](\"\/\/www.t3live.com\/blog\/wp-content\/uploads\/2018\/11\/spx-11_6-intermediate.png\" "\\"spx")
<\/span><\/p>\n![\"\"](\"\/\/www.t3live.com\/blog\/wp-content\/uploads\/2018\/11\/spx-11_6-big-picture.png\" "\\"spx")
<\/span><\/p>\n