loader image

Election Jitters or Opportunity? Why Today’s Gap Down Could Be Great for Entry Points

by | Oct 22, 2024

Stocks are down almost across the board in a market with very low volume as we gear up for the Nov. 5 general election. 

But the news about a gap-down open is it often presents opportunities to go long the strongest stocks. In fact, the S&P 500 (SPY) — where we’re at the eight-day exponential moving average — looks to have bottomed out around 5 a.m. and it’s steadily come higher. 

There’s a similar setup in the Nasdaq 100 (QQQ), and this is all based on global markets. As soon as earnings started reporting, things began to turn around in the last couple of hours. 

So things aren’t looking too bad this morning, though, the Dow is lagging the most.

Aside from the Richmond Manufacturing Index, we don’t have much in the way of Fed data today. 

Crude oil is starting to come back up after more drama in the Middle East, but I don’t see any stocks to trade up or down just yet. If we break $68.60, I would start shorting, but I’d go long if we break above the 50-day moving average. 

Gold is looking great at all-time highs and the VIX is rising…

I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!

Roger Scott
Roger Scott Trading

Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!

P.S. THE ‘2024 ELECTION SUMMIT’

A Final Quarter Market Outlook Event

With 2024 nearing its final mark… 

I invite you to join my critical Final Quarter Market Outlook at 1 p.m. ET on Oct. 23! 

The last time I went public with big predictions like I plan on sharing that day

Not only did I nail them… 

But everybody who listened had a chance to make a lot of money! 

Like back in December, I predicted Nvidia would be the top-performing stock of 2024… 

And it’s up 190% in less than a year! 

With the right options, traders could have made a killing!

Don’t miss my next batch of predictions for the final months of 2024… 

Secure Your Spot Here!

Stated results are from hypothetical options applied to real published trades from 10/30/23 – 10/21/24. The result was a 95.75% win rate on 259 trades, an average return of 12.3% including winners and losers and average hold time of less than 24 hours. Performance is not indicative of future results. Trade at your own risk and never risk more than you can afford to lose.

WRITTEN BY<br>Roger Scott

WRITTEN BY
Roger Scott

What to read next

Have any questions? Contact Our Customer Service Team

Share via
Copy link