Post Election Guide to the S&P 500
- Posted by Greg Harmon
- on November 7th, 2012
Now that the election is over and Obama has won a second term we can erase the uncertainty and clearly see where the markets are heading. It is higher. Take a look at the monthly chart for the S&P 500 ($SPX) below. The Gann Square reveals that the S&P 500 in its latest retreat during the 2009 melt down touched the 4/1 Fan Line and has since worked back over the 2/1 Line. It is between the 2/1 Line and the 1/2 Line that price should spend the majority of its time. Also notice
S&P 500, $SPX
the Double top near 1550. This is the key level going forward that will determine if we just have 8.5% more upside or break the 12 year broad consolidation. Zooming in shows that there is room for a pullback to overshoot teh 2/1 Line and continue to 1370 or even 1310 before the upside is in any jeopardy. By the way, I wrote this at 6:40pm EST, before any returns were in. It does not matter to the market who is the President.
S&P 500, $SPX
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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