A BachNut Election Day Post:
Gapolicious... We have been getting gaps daily.
NYMO has risen out of the lower turn zone and gotten back to the zero line.
2 closes above zero and the model flips from down cycle to up cycle.
Until then, cycle is down, and this move can be viewed as corrective.
Price has returned to the middle keltner band. Probably a good place to be before the election results come in.
NYMO gave us a tell on Friday as it was positively divergent while price was making lows.
There is an up gap just a bit higher at 3390.68 that may want to close today.
After that a fair distance to next gap above or below.
Just a guess, but price may want to go visit an outer keltner band (high or low) after the election. We shall see whether and which...
I am still short runners in SPX and R2K. Scales in the bank allow me to be patient here.
Planning to do nothing for now, though I am working day trades in this volatile environment.