The S&P tagged its 50-day MA before it came back to rest under declining channel. Volume dropped for a second day, but there was a MACD trigger 'buy'.
The Nasdaq is back inside prior congestion where things could get tricky for bulls. Watch for a tag of the 50-day MA, this might be the cue for a short position.
The Russell 2000 also finished at wedge resistance. However, this downward angled wedge is typically bullish, so confirmation of the election result might be enough to deliver an upside breakout.
Obama's election was followed by a sell off. A Trump election would certainly see a sell off, but even a Clinton victory might see some buyers remorse and a little easing of the gains over the past couple of days. Real upside momentum will only kick in if new 52-week highs can be posted, taking markets beyond the levels traded during the summer doldrums.
You've now read my opinion, next read Douglas' blog.
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Dr. Declan Fallon is the Senior Market Technician for ChartDNA.com, and Product Development Manager for FirstDerivatives.com. I also trade on eToro and can be copied for free.