The S&P 500 is approaching the US elections, as is often the case in major events, just above its key support at 3,209 / 3,199, which must be maintained after the elections to avoid a major high. Meanwhile, VIX Maintains Base to Mark More Worrisome Spike in Volatility, según Credit Suisse.
Key Comments:
“The drop in the S&P 500 as we get closer to the election has led to the market close to its fundamental support at 3,209 / 3,199, which includes September’s key low. Given that the market is already showing some signs of stabilization in the short term, we think it will likely continue until the election results start to emerge. ”
“Technically, the key will be whether this 3,209 / 3,199 support remains intact after the elections, since a conclusive breakout would mark that a significant top has been established, exposing the 200-day moving average, currently at 3.129. It is concerning that the momentum of the weekly RSI already appears to be making a high. ”
“A move above 3,305 / 10 is necessary to ease the immediate downside bias and for the strength to return to last week’s price gap, which started at 3,342 and extends to 3,390 / 94, with sellers waiting at that region. A close above 3,394 is necessary to suggest a low has been set.“.
“The VIX maintains a base with the following resistance at 44.44”.
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Credits: Forex Street
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