Via Michael Wilson, Morgan Stanley chief US equity strategist:
With just one week to go until the US elections, the outcome remains uncertain. It’s also holding up the next round of fiscal stimulus. This political uncertainty along with the arrival of the second wave of COVID-19 has pushed equity volatility higher and the S&P 500 hasn’t been able to make a new closing high in eight weeks, the longest period since the new bull market began in March.
From a technical perspective, I have been watching a key resistance area for the S&P 500 since early September that comes in around 3550.
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