Stuck in Suspense

The market is holding its breath, evidently waiting for the election results. Will it turn red or blue? Apoplexy or death? In the meantime, it is in the trading range we had been anticipating, although the lows still are not quite down where I have been looking at likely support. In terms of the S&P 500, the old support is around 1395, and the resistance, which reappeared last week, is around 1430. 

The current consolidation between those limits is starting to make the pattern since October look like large head-and-shoulders. If so, the 1395 level becomes critical as the neckline, since a decisive break would imply a further slide that about equaled the distance from the top of the head to the neckline....260 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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