I sold 📉 Nasdaq 100 and here's why! Mid Term Elections

Hello, good day traders! 👋🤙

📰Fundamentally,

- Dow closes more than 600 points lower after indecisive midterms

- Stocks were lower on Wednesday — following recent market gains — as results of the midterm elections provided no clear answers about who would control Congress yet.

- Investors were also weary ahead of the October consumer price index report due out on Thursday morning at 8:30 a.m. ET. Economists polled by Dow Jones anticipate that headline CPI grew by 7.9% from the prior year, down slightly from September’s gain of 8.2%.

- “Inflation is enemy number one for the Fed, and if you see the core CPI print creep up, I believe that the market would have a negative reaction to that,” Allianz Investment Management’s Johan Grahn said.

🤔On the technical front,

1.) Looking at the H4 chart, price has tapped into my sell entry at 11042.51, which contains the 38.2%, 50%, and 100% Fibonacci lines.

2.) I've set a fairly safe stop loss at 11794.81, which is slightly above the 38.2% Fibonacci line and 50% Fibonacci projection lines.

3.) I intend to take a profit at 9553.03, where the -27.2% Fibonacci expansion line and the 161.8% Fibonacci extension line intersect.

Sell Entry: 11042.51📉

Take Profit: 9553.03 💲

Stop Loss: 11794.81❌