With Election Day only 24 hours away, the market is likely to make a significant move out of its consolidation pattern this week. The consolidation at the highs favors another upside move, but Deron Wagner is inclined to be cautious in the current environment.
The anticipation is that the US mid-term election and the expected announcement regarding QE2 will be the necessary catalysts to force traders into deciding on the intermediate-term direction of the market.
The stock market indices were choppy all day like we expected and ended up mixed on the session with the Dow up just 4.54 at 11.118.49, the S&P 500 down 0.52 at 1183.26, and the Nasdaq 100 down 5.28 at 2124.45.
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