Good morning everyone.
As the major indexes draw nearer the 200-day moving average greater is the probability price will be drawn right down to it. However, there is always the possibility of a very short-term oversold bounce that could occur prior to the 200 test. The futures are slightly bullish this morning but I sure wouldn’t believe the selling is over just yet.
We are now 5-day to the election and the jittery market is trying to deal with changing polls and the reality that it may be too close to call. We have several economic reports this morning and although they do have the potential to move the market it’s likely the election will trump everything else. No pun intended. Keep in mind we have the big employment situation number Friday morning so expect light volumes after the morning rush.
Trade Wisely,
Doug
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