Stock Market Analysis

Monday, October 30, 2017

US Market Returns To Bull Track...

Last Thursday, I mentioned that last Friday's Q3 GDP has a higher chance of surprising to upside and could even start the bulls rolling and that was EXACTLY what happened! This was what I said:

"This Friday's upcoming Q3 GDP report isn't likely going to surprise to downside since it is largely expected to retreat from last quarter's high. As such, any surprise would more likely come from the upside than downside... could that be the catalyst to return the market to a bullish stance?"

Indeed, the bulls returned in strength on the Q3 GDP report with the S&P500 closing a new historical high  of 2581 points! Even more importantly, the S&P500 did that right off its 10MA following the strong hammer reversal candle that I mentioned a few days before that, thereby completing a continuation pattern. This means that unless something changes very dramatically this week, the bulls are back and the US market is back into yet another new bull leg.

So, will things change dramatically this week?

Well, this is going to be one eventful week ahead as it is the first week of September. Like all first weeks of the month, we get the two most important economic data; ISM Index and Jobs Report. On top of that, there is a FOMC meeting scheduled as well with announcement on Wednesday, which is also the day the ISM index is released. All in all, this week may be a rocky one but one which is definitely bullish inclined. (on top of that both the ISM index and Jobs Report may also turn out in a way as to help the market go higher as well! I will talk about this as the week goes along)

So far, my Ride the Flow system has rode and profited from last week's move very very nicely without any work needed, just holding our positions and watching the profits roll in. If you are still confused how you can comfortably make a profit in this market condition without constantly watching the market and even if the market should go largely sideways like it did over the past one month, definitely check out my Ride the Flow options income trading system!

For now, the market return to a short term, intermediate and primary bull trend. 
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