S&P500 Ranging
- From the CFTC COT Weekly Data, net positions remain negative at 2.4k. This shows weakness.
- From a technical perspective, weakness is showing with price ranging within resistance and support levels. If a bear breakout happens, the February 2020 pivot high will be exposed. If a bullish breakout happens, the 3516.5 resistance will be open for a test.
- From a fundamental perspective, stimulus negotiations are still on going with Nancy Pelosi saying that a deal is possible as they are making progress with the Secretary Mnuchin. However, the US elections weigh heavily on the US equity markets as it is a highly contested one. Analysts are expecting a blue wave which might mean more fiscal stimulus is on the way. I'm expecting volatility until the elections are concluded.
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