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Rocket 8% in October: Will the rally continue in Nov?
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The Market Wants to Stay Bullish

Be careful. it looks looks like today's bullishness is flipping to bearish quicky. SPY must stay above the trending support/resistance level to maintain this short term bullishness.
Check out the short video in the link below. You will get the current market analysis. Click the link. I left my window open and my neighbor was making a lot of noise while I was recording. Ignore the clutter in the background.
The day is not over yet but at the moment the $SPDR S&P 500 ETF(SPY.US)$ is climbing above the short-term resistance level that has held down the ETF for several weeks. This is a short-term bullish development. The previous highs in price on the SPY were above this trending resistance but J. Powell quickly brought the price back below. I thought the bear market rally was over at that point. But the market still wants to stay bullish. Don't fight the trend. This bullishness could possibly change on Thursday when major economic data reports pertaining to inflation are released. Or it could generate a good dip buy opportunity similar to the Powell situation. We will find out on Thursday.
The Market Wants to Stay Bullish
The dollar is dropping with yields. This is adding to the bullishness in equity markets. But the price is near a strong dynamic support zone that I have highlighted in the chart below. If the current trend in the dollar rally will hold then there should be a bounce in the dollar index very soon. A bounce in the dollar would be bad for equity markets based off of the recent trends. If the price of the dollar index drops below this level then it will fuel the bar market rally even further.
The Market Wants to Stay Bullish
Gold is finally getting some bullishness. The falling dollar has investors rotating into gold it seems. If gold gets some sustained movement to the upside then that might be an indication that investors around the world might believe the dollar rally is slowing or ending. Either way gold is short-term bullish. How long will this bullishness last for the precious metal? Gold's safe haven appeal doesn't seem to be having any effect so it is up to the dollar.
The Market Wants to Stay Bullish
So on the last poll many investors believed that October's bullishness would end last wednesday when the interest rate decision was announced. It appeared to be the case until a few days later when the bullishness returned. The market needs to make higher highs for the technical uptrend to continue. Either way it appears that October's bullishness is not over at the moment. So when will this bullishness end?
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