Market Analysis for Oct 28th, 2022

Good morning train riders,

We may still be some sort of a range day again given last night’s parameters. Things are standing on a thin line for bigger pic in terms of must hold area for this week.

Given the overnight globex action, we’re still using 3830 as key short term resistance alongside with 3750s temp low. (Earnings low) Current weekly low = 3730s.

Now,hovering around 3800-3790s. We’ll need to see how RTH open for the first 30min-60mins. Judge whether last night’s daily 20EMA sticksave could be sustained(need to reclaim 3830) or we’re heading lower into 3750/3750/3730 again.

My bigger bias is bull given last week’s context and this week’s follow through, but things are starting to come onto a thin line here. Make or break time. Adapt

Context:https://www.elliottwavetrader.net/trading-room/post/8136302