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 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.