Global Stocks & Bullion for 31st October 2019

Global Stock Indices

In the previous session, interest rate cut was announced. Low of 3022 was made by S&P500 followed by high of 3051.88. Today, Mercury will retrograde after US opening. Normally, retrograded Mercury means a trend reversal which might take market in negative direction. S&P500 has support at 3019. If this support is breached then it’ll drop to 2982. As per astrology, market shall close bearish today. Technically if S&P500 closes above 3050, it opens doors to 3100.  Market is repeating the trend of 2007-2008. In January 2008, market went through a crash. At that time as well, bulls were trapped at extremely high levels and index dropped down by 50%. Similar or worse planetary conditions are in place at the moment. In short term, market may remain slightly supportive till 11th. After 11th, news driven considerably bearish trend is possible.

With closing basis stop-loss of 3051, add short position in S&P500 for target 3000-2982.

The double top of AMAZON has been made. With S/L of 1801, short AMAZON for target 1755-1720.

Precious Metals

Gold Dec contract made a low of 1482 and after FOMC, it made a high of 1501 while Silver Dec contract made a low of 17.72 and high of 17.97.

. On 5th or 6th November, top is expected. There onwards, downtrend is possible till 11th November. From 11th November, it’ll remain upward till 25th November.

Around 1509-1510, book 50% profit in GOLD. Around 18.20-18.30, book 50% profit in SILVER.