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fair go, the failure to break through the blue rectangle was crucial for further downside. Now looking for resistance (sellers to step back in) and the most likely area is just before the red 29400 de

That is the 50% retrace for  the Dow and S&P. 

Interesting S&P daily shaping up 👇

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No doubts that today's fall in European stocks is all about a sobering economic outlook from the Federal reserve and fears of a second wave of infections in the U.S. after rising cases in California, Florida and Texas.

But there is something more that worries European investors as they are increasingly discounting a Donald Trump defeat at which could lead to a possible reversal of U.S. corporate tax cuts.

A Biden win with Democrats taking both houses of Congress, would increase the effective tax rate by 4-5%, shaving $9 off 2021 EPS, Credit Suisse says in a research note, reminding that Biden proposed reversing half of the Trump's tax cut.

 

 

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3 minutes ago, dmedin said:

 

 

 

Are you looking to go short on rallies, Tom Bombadil? 🤔

no, I just follow the short term EMAs, yesterday they were sloping down, currently they are sloping up and making for the daily pivot.

If the EMAs are horizontal stay out.

Key times of the day were direction can change unexpectedly are on planned news releases and the major market opening times, 7am, 8am and 2:30pm.

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2 hours ago, Caseynotes said:

no, I just follow the short term EMAs, yesterday they were sloping down, currently they are sloping up and making for the daily pivot.

If the EMAs are horizontal stay out.

Key times of the day were direction can change unexpectedly are on planned news releases and the major market opening times, 7am, 8am and 2:30pm.

what EMA time frames do you use ?

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