Last week, price had a nice recovery by ending the week with at least 3.5% gain, after bottoming out at 260.00 last Monday. Now price is trading just under the topside level of the . With elections tomorrow, the market is bound to enter a period of very high . This means that price could easily reverse back to the bottom level of the trend as peaks again tomorrow.
Bullish Breakout: Price breaks current trend, look for consolidation above 270.00. If price breaks this level look for a move higher.
Exhibit 1: IG Client US 500 Positioning
Exhibit 2: XM Client US 30 Positioning