8:45am
Expectation of the market heading down as it follows the break of the 3-week lows and rotation into the November 50% levels....(read Weekly report)
Whenever there is a lower open traders will try and fade the gap on the Upside, as was with the case yesterday. But traders need to acknowledge the overall trend of the market and Weekly timeframes.
Yesterday was hard to go long on open because price wasn't anywhere near a lower pivot 'risk' levels. Today day-traders have lower Risk levels to trade and manage the intra-day trends....
There will be short-term counter-trend UP moves against the overall down trend...
Report continues below...
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