The S&P 500 went back and forth during the trading session on Tuesday as we await the results of the US midterm elections. Because of this, it’s likely that the market is going to react somewhat erratically, but I also have noticed that there has been a lot of noise right around the 2750 level, as it has been both support and resistance. I think at this point, it’s probably a bit difficult to put any money to work, but if we can break above the 2800 level, then the market should go higher, perhaps reaching towards the 2900 level. I suspect that if we get a bit of exhaustion here, which would make structural sense, the market could break down to the 2700 level initially, perhaps even lower than that.
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S&P 500 and NASDAQ 100 Forecast November 7, 2018