Macro Outlook - Neutral 

With Trump’s failed assassination attempt and the narrative behind the US elections we would’ve thought a bullish continuation here but it wasn’t the case. Price action kept showing weakness. Weekly RSI is trading below the 50, NO BUENO. We are in a NO TRADE zone. Either we wait for price to break above $28 and go long or wait for a bearish continuation toward the $17 price range. 

On our previous report we suggested this trade setup:

What exactly went wrong?

There were lots of confluence, Trump's narrative, RSI back above the 50, the recent higher high and the multiple higher lows but unfortunately we broke the higher low at around $28.5. For bulls to remain in control this level must have been defended at all costs but instead we broke below and price continue to dump but no problem, we were stopped out and moved on to the next one. 

Price is now showing strength but there is no rush in jumping in right now. We rather not be catching falling knives and there are plenty of other trade ideas going on right now that do look way better. Go check our latest Mag7 tech stocks and Commodities reports for the latest trade ideas. Stay safe and manage your risk accordingly.