Today’s Stocks, Bond, Gold & Bitcoin Trends, Thursday, November 2, 2023

Prioritize Your Trading Practice: Insights from Charting Wealth's Latest Market Analysis

"Remember, if you don't prioritize your life, someone else will." Greg McGowan's words ring especially true for traders looking to master the art of charting. It's a daily commitment—10 to 15 minutes each day—to hone your skills, build your expertise, and become a charting master. This journey unfolds in the markets, tracking movements, practicing trades, and understanding the nuances through fractional trading. As Mike Tyson famously said, "Everyone has a plan until they get punched in the face." It's not just about reading books; it's about stepping into the ring and slugging it out.

Our Daily Chart Review

Let's delve into the charts and see where things stand. Today, we observed a general uptick across the board, with the exception of gold. The S&P 500 climbed by 1.07%, bouncing back from last week's dip. Despite the midweek point, volume remains average, and we're closely watching the two-day chart, which shows a green spinning top at average volume following a high volume down move.

The Market's Pulse - going up

The market's pulse is still under scrutiny. With three days of upward movement, we're piercing through the weekly trend line on our half-day chart, which is our smallest and least significant chart. However, as we often say, "all things move in the direction of the largest chart." The weekly chart's downward trend suggests a strong bearish pressure, but the recent upswing begs the question: is the trend nearing its end?

NASDAQ 100

Moving on to the NASDAQ 100, we're seeing a similar pattern. A doji on the two-day chart and a slight penetration on the half-day chart warrant our attention. The index saw a significant 1.74% rise, and we're keen to see if this upward momentum is a temporary blip or a sign of a more sustained reversal.

Bonds and Movement

Bonds have also shown interesting movements, breaching the trend line on the current two-day candle. The weekly chart hovers right at the trend line, so bond traders should keep a vigilant eye on this development. Remember, we've seen bonds tease us with such movements before, only to revert back.

Gold - Slightly Down

Gold, albeit slightly down for the day, hovers just above the weekly trend line on the half-day chart. The market for gold has been relatively stable, with volume levels nearing average with two days left in the trading week. Will gold regain its luster and ascend once more?

Bitcoin - Uptick of 0.46%

Lastly, Bitcoin has seen a modest uptick of 0.46%, attempting to rally after a few days of decline. It hasn't surpassed the peak set last week, but the day's gain is a positive sign for cryptocurrency enthusiasts.

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For our Patreon members, we've recorded an exclusive analysis covering cryptos, commodities, and currencies, along with our three-wave trades. You can access these insights on our Patreon page.

Stay disciplined with your daily charting practice, and keep your eyes peeled on the markets. The team at Charting Wealth World Headquarters wishes you all the best in your trading endeavors. God bless, my friends.