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Market Update - November 3 2022

November 03, 2022

SPY Hourly down, daily MP, BTC is still sideways on all timeframes

SPY hourly is down, we broke down from the channel and broke daily support on FOMC, with the size of the pull back a daily LH is most likely and one we regain the hourly trend we can watch the possibility of what the most likely a Daily EQ or continuation.
QQQ is looking worse and the daily down trend os confirmed we are also closer to weekly support, as long as the QQQs is waker than SPY is a bad sign for the overall market .
XLF still has a lot of room for a daily HL so if we regain the hourly here we might still look for daily continuation.
we could see a scenario of the QQQs breaking weekly support and XLF is holding up and SPY stays in a weekly EQ, just something to look out for.

BTC is still in a an EQ on all timeframes, so we need to see a clear break to determine direction.

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