Monday, November 7, 2016

What Gets The Stock Market Up Into Year-End: Pros And Cons

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*If the market follows through with a Clinton win we'd consider 213.50 a breakout.
*We gave 212 as a level to watch out if we go below. The market dropped from there and returned.
*The market needs to prove itself into year end with pros and cons building.

If the S&P 500 ETF closes above 213.50, we think there is enough power to follow through. We want to watch action through this week. If the market can't make it up past there on a Clinton victory, we'd take it to mean that some of the building risks could be weighing more heavily.
On Sunday, Oct. 30, we gave the SPY level of 212 as a key support. It broke it and continued to follow through lower. The break of 212 led to a record losing streak.
Here's the chart we provided last Sunday:
Source: Interactive Brokers
The level 212 is still relevant. Holding below is bearish. We expect the market can go topside of 212 if Clinton is elected. The fear of a Trump presidency would unwind and lift stocks higher.
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