Election Volatility Shakes Up US Markets

3 Nov

S&P 500
● The index retreated from its all-time high of 5,880, initiating a downward trend.
● A breakdown below the Rising Wedge pattern has been confirmed.
● Key support levels to watch:
➖ Immediate support: 5,670
➖ Strong support: 5,400

Nasdaq Composite
● The index has hit an all-time high near the 18,750 level before beginning to retreat.
● After breaking through the trendline support, the index is currently hovering slightly above the next immediate support level.
● If it dips below this support, we could see a significant drop, potentially driving the index down to the 16,670 level.

**This market volatility is consistent with historical trends during US presidential election years. The 2024 election is particularly unpredictable due to conflicting economic indicators and potential delays in results.