Happy Halloween, I’m going to keep today to the point. It was a pretty boring day, to be honest. The S&P 500 gapped lower and traded sideways, finishing down 75 bps. Today looked like a pause day that typically follows a big up or down day. We have seen these pause or consolidation days on several occasions in 2022, and a continuation of the previous move can sometimes follow these pause days.

Tomorrow is also November 1, which means there will likely be monthly inflows.

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The Intraday chart shows what could be a bull flag/pennant that has formed, which would suggest a move higher from here as well. With the potential for the S&P 500 to rise to around 3950.

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Rates

Today Fed Fund futures were thinking again about the potential for the Fed to turn all dovish. The April contract saw its rate rise to 4.95% today, almost back to the 5% it was trading at on October 20.

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The move higher in the Fed Funds futures also helped to lead the 2-yr higher, and it appears to have broken free of a bull flag pattern. If this works out, I think we should see the 2-Yr trading above 4.6% over the next couple of weeks.

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Dollar

The dollar also moved higher today; for now, I think it can move back to around 112.

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Gold

A few weeks back, I noted that I thought the gold could fall back to $1,560. After some consolidation, it looks like it is getting closer to that happening, with $1,625 being the support price that needs to break.

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DocuSign (DOCU)

DocuSign almost looks like it is forming a bear flag, which could mean the stock falls. It could result in the stock falling back to around $38, a price not seen since January 2019.

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