The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.
I am struggling to get too excited though, and see this pop more as a position adjustment as traders cover short positions. There could easily be more anxiety ahead of this week’s vote. The final vote in the Electoral College system is far from certain (although it is likely) and it is still hit-and-miss that Clinton gets the required 270 votes here.
A break back above 2116 (the series of lows in September and October) would be positive and should take us to 2154 – the September downtrend. However, price could just as easily roll over from here and head south – this could be a very telling trading session ahead of us. Watch price and jump on the move if the sellers start to get the upper hand again.
While it would be positive for the markets to see a Clinton win, we must remember that ‘more of the same’ is hardly that inspiring in the first place.