Here I am again. Parking lot. Laptop. Nighttime. And, twenty-four hours from when I’m typing this, the results are going to start tumbling in. Say what you will about how many hours, days, or weeks it’ll be until the POTUS is decided, the fact is that plenty of other interesting and important races (like, say, dozens of Senate seats) will have conclusive results.
As we bid a relieved farewell to the 2020 political campaign season, let’s take a parting glance at some key indexes and what I see as some critically-important support and resistance levels. We have the S&P 500:
The NASDAQ Composite (as always, click on the chart for a big version):
And the Dow Jones Composite, which is the Industrials, Transports, and Utilities all slammed together into one:
I find it more than a little weird that on Monday, the day before the biggest election of our lifetimes, the Dow actually rallied almost 500 points, but, meh, who knows. I would point out, however, that volatility is still poised for a potential burst:
For myself, I am very, very, very light right now, and I have no intention of getting back into position until the dust is cleared. At this point, any supposition about the outcome of this election is a shameless gamble, and as much as I love my charts, I’d like a few “known unknowns” to become “known” before doing anything else.
