We again saw a bull rally today making it the best day for US indices since July.
SPX was back in the channel and had resistance at the upper trend line.
The rally can be contributed to investor sentiment that we will have a clear winner from the election at the earliest.
The drop in volumes indicates to me the price action is unsustainable
Tomorrow (NOV 4) will give is a clear direction whether SPX will break out of the channel and head upwards or get rejected and fall below 3200.
I am leaning more towards the bearish case as I think there will be confusion about the election for at least a week. The actual vote count will take days to finalize that gives enough time for both parties to make claims to their advantage,
**Just an Opinion
SPX was back in the channel and had resistance at the upper trend line.
The rally can be contributed to investor sentiment that we will have a clear winner from the election at the earliest.
The drop in volumes indicates to me the price action is unsustainable
Tomorrow (NOV 4) will give is a clear direction whether SPX will break out of the channel and head upwards or get rejected and fall below 3200.
I am leaning more towards the bearish case as I think there will be confusion about the election for at least a week. The actual vote count will take days to finalize that gives enough time for both parties to make claims to their advantage,
**Just an Opinion
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.