It was more of a red ripple than a red wave. So far, it appears that Republicans will hold a five seat majority in the House and might actually lose ground in the Senate. Futures are moderately lower.
continued for members…
There is no evidence that the election results have affected markets as the looming CPI report due out tomorrow is still the biggest bogey man on folks’ minds.
ES’s SMA10 was in the process of rolling over, but will need ES to drop back below it in order to see it come to fruition.
It is unlikely to happen until VIX rallies back above the yellow trend line.
The EURUSD has rallied as high as it can without breaking out (dollar weakness)…
…while USDJPY has dropped below support (also dollar weakness.)
As a result, DXY has nudged below the white channel bottom – though the SMA100 is just below current prices.
Gold and silver are consolidating after nice gains yesterday…
…while BTC is having a very bad week, dropping through its June lows and .786 Fib.
Oil and gas are both off modestly…
…which has TNX testing its channel bottom again.
GLTA.