SPX futures declined to 7706.50, remaining above the 52-day Moving Average at 7698.84. The 38.2% Fibonacci retracement is at 7702.00, so it may retrace to the minimum standard retracement. There may be a possible surge of trending strength starting today and extending into next week as the election progresses. It may not assure victory for either side, but it shows market confidence may be on the upswing.
ZeroHedge reports, “US futures are lower, with Nasdaq contracts sliding as Alphabet’s ugly search miss revived the “is AI capex paying off” debate…”
The premarket VIX may be consolidating on the mixed news. The Cycles Model suggests the VIX may remain “sleepy” over the next two weeks.
The US 10-year Bond Yield declined down to 50.11, above the Head & Shoulders neckline at 50.00 while the 52-day Moving Average rises to 49.96. The TNX may continue to consolidate along the neckline for another week before a new burst of Trending Strength arrives. It hovers on a buy signal at the 52-day at this time. It may test the low at 49.39 before moving above its consolidation range at 50.50.
The US Dollar may have successfully tested the head & Shoulders neckline at 101.80, but remains beneath the Cycle Top. The Cycles Model suggests a possible breakout this weekend.
The Euro declined to its Head & Shulders neckline this morning and remains poised above it. The Cycles Model suggests that some disturbance this weekend may jolt the Euro beneath the neckline, activating the Head & Shoulders formation. The decline may last to the end of November.
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