U.S. indices recorded another day of a sharp sell-off yesterday. The catalyst for the declines appears to be a combination of quarterly reports from BigTech companies and growing uncertainty about the upcoming presidential elections next week.
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The US500 is rebounding slightly today (+0.10%) to 5,750 points. However, the key factor likely determining today's session will be the NFP labor market data released before the cash session opens.
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The US500 and US100 indices are pricing in a Trump victory in Tuesday's presidential elections. Over the past few months, we've seen a very close correlation between the win probability of the Republican presidential candidate and gains in the stock market.
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As 'final day' approaches, investor uncertainty is at record levels, leading to profit-taking among investors betting on a Trump win.
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The index's price marked a local peak above 5,900 points, and since then, the bulls have slowly been losing momentum. Yesterday's sell-off pushed the price down to the support level around 5,730 points. If the selling pressure continues, the next target for the current move could be the area above 5,650 points.
Source: xStation 5
