Levels To Watch Ahead Of Election Results

Good Election Tuesday Morning, MPTraders!  November 5, 2024-- Pre-Market Update: Decision tonight?  Decision tomorrow? If not, when?  Who knows? With any "luck," we will know if Trump or Harris is the next POTUS before Thursday's FOMC policy decision! 

Today's session could be intriguing if the markets gravitate from Point A to Point B and possibly to Point C over the upcoming 8 hours, into the closing bell, and then thereafter during the post-market session after the polls close and on into midnight. 

The direction and patterns carved out could provide clues about an outcome or the absence of one.

With this in mind, let's keep our eye on the Big Pictures of ES (see my Daily Chart below), 10-year YIELD (see my Monthly Chart below), and DJT (Trump Media and Entertainment... also shown below)... First up, ES...

From a big-picture perspective, the annotated Yellow Box is where my directional work is focused and spans 100 S&P points from (roughly) 5680-5700 on the low side to 5790-5800 on the high side. Whichever side of the range is taken out and sustained will trigger directional continuation signals designated by my dotted lines. 

Which candidate's victory propels ES up or down either above 5800 or below 5700 remains to be seen, but for our technical purposes here, what we primarily care about is levels approached or breached in reaction to the perceived or actual makeup of the post-January 2025 US Presidency, Senate, and House of Representatives... 

My nearer-term directional bias is to the downside for a test and violation of 5725, where my work argues for an "attempted reversal low." Failure to U-Turn in and around 5725 will leave ES vulnerable to downside continuation to test the low boundary of my yellow box at 5680-5700. Only a climb above consequential near-term resistance from 5777 to 5805 will Neutralize my current outlook... Last is 5753.25...

Next Up: 10-year YIELD...