Daily Market Commentary: More of the Same
The election results were of no surprise (other than the 'dumb' logic of independents going from Obama to Tea Party in two years) and the outcome will be political gridlock. Markets will prefer this environment over one extreme or the other so the lack of reaction is of no great consequence. Markets are in 'hot' territory so further scrappy sideways trading can't be excluded.
For the S&P keep an eye on the 20-day MA.
With the election and Fed out of the way the state of the market hasn't changed from yesterday. But with the pressure building on 3-week resistance there could be pop higher tomorrow or Friday.
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