In summary, SP-500 is range-bound and volatile.

Election-related or not, the move from the bottom to the top of the SP-500 trading range in just four trading days was impressive. Trading range trading until there is a break-out. The recent moves have pretty much wiped out what had been a support and resistance area so the edges of the range itself are the only meaningful support and resistance currently.

"It's interesting that everything is up today as the dollar tanks [except] oil, and some oil related stocks. That's because investors do not expect actual economic growth that would require more energy, just more stimulus that pumps up asset prices as it sedates the real economy"

What price action to expect after the Election ?

One scenario is for the market to rally after the election. Why? There are three reasons:

• If Biden wins, people can expect a large stimulus package.
• If Trump wins, people can expect favorable business policies to continue.
• Regardless of who wins, everyone will be relieved that it is all over and buy the market.

In summary, there are plenty of cross-currents at this time. The bulls have been wounded but are not dead just yet. However, a close below 3200 by SP-500 would be very negative and would reinforce the bears hold on the market.

Anything is possible.

 Now the only remaining near-term support area is at 3200. If that gives way, a pattern of lower highs and lower lows will be in place, and that is the mark of a bear market. That would be a game- changer.