Not since the 2008 financial crisis have we had more factors influencing capital markets. Case in point, Bank of America came out on Saturday citing their expected year-end close for the SPX to be between 2200-4000, clearly indicating they have absolutely no clue what is about to occur nor do most financial institutions. President Trump appears to be receiving the best possible care and should be back at the White House this week, but the damage of Covid to his campaign will linger in the weeks leading into election night. He will be limited in hosing any large events and public debates will be out. This will hurt Trump far more than Biden and clouds the election picture even more.
Here is what we expect from the markets:
Do not expect any one sided, trending trades. The market will deliver two-sided, back and forth action starting this coming week into mid-December. Price action should remain contained in our consolidation box shown above. Exact dates, price levels, and direction will be reserved for gold members in our nightly briefings.
Week of October 5th
Week of October 21st
Week of November 2nd
Week of November 9th
Week of December 7th
Markets will remain in medium term uptrends regardless of who wins, SPX 4000+ into May 2021 before a 6-12 month peak forms.
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