Transcript
Well, hello, everybody, welcome to Friday. Today, unfortunately, the S&P 500 was down a little bit over 1.1%. But I thought there was some very good information that came out of today’s move, you know, sometimes the market moves. And it doesn’t give us a lot of info, I thought today there was quite a bit and let me share something with you here. And then I’ll be able to maybe describe, you know what I’m talking about.
And so what’s happening here, this is the Vanguard S&P 500 index. And so what they do is they’re replicating the S&P 500 index. And we can see down here the volume by day, but this green portion over here is called a volume profile. What this does is show the volume by price, which I find much more powerful. And so if you look at this red line here, inside the volume profile, this was the highest number of shares traded at any particular price over this timeframe, which is the last one year. And so here, we came today, and we came down, here’s this channel that we’ve been in, I talked about kind of going sideways before the election, that’s definitely been what’s happening. But we bounced off of that, if I zoom in just a little bit here, you can kind of see what happened, this little tail means that’s as far as we went. And that’s very significant.
So the idea again, behind resistance, and support is just so if I buy back here at this price, and it goes way up, and I think alright, great. And it comes back down, I’m going to buy again, and of course it goes up. And so that’s how support works. And it just continues to happen. And of course, this is the highest level of support. I suspect we hold the support level, but it’s also fairly significant if we don’t, so it’s something to watch for, you know, next week is the election. So we’re waiting and you know, holding out for all these different things.
But overall, it was very powerful that at the end of the day, we bounced off of this level and moved up quite drastically actually. So what’s going to happen on Monday, I think will be very fascinating. And we should probably be watching for that. But I did love the fact that the market bounced off of this big support level here. And I think that’s pretty significant. So, you know, we have to wait and see. I really am excited to see what’s going to happen on Monday. So far it’s okay.
Again, we’re just going sideways prior to the election, you know, we’re getting ready, and I think everything is going to work out. Okay as far as that goes. There could be just a huge relief rally just by knowing you know, the results of the election. You know, there’s all kinds of different scenarios out there. But let’s let’s see what happens here. We’re getting closer. I want to thank everybody for listening to and I’ll talk to you on Monday. Thank you.