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S&P 500 / Elliott Wave Update 11/04/2021 by Michael Filighera

Thursday’s trade continued the rally with the ES making new all time highs several times over the course of the session.  Thus far the high sits at 4676.25, but the start of Globex has parked prices +/- 4675.  Tomorrow is a weekly options expiration with many of the tech stocks again in play.  TSLA is again front and center in that the “squeeze” continues.  The call open interest at today’s close is favoring 1200 to 1300. There also looks to be expiration trading in NVDA, NFLX, MSFT, GOOGL, FB, AMZN, AMD, and AAPL,  So this will affect the price of the ES and the volatility of both upside and downside moves. Don’t rule out a springboard attempt at 4700 +.  Remember the markets are in “uncharted territory” and subject to thrusts higher and lower.  Keep the hourly MA’s in sight. They will alert us to directional changes quicker.  Trade smart, use solid risk management.  When the volatility is high it is much easier to make back a $200 loss than allowing the position to get $500 or more against you.  That will break your focus and lose track of the opportunities available in the “now”.


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