U.S. Stocks Soft Ahead Of Trump/Biden Debate #2
Shain Vernier • 1 min read
At 9:00 PM EST this evening, President Donald Trump and challenger Joe Biden will take the stage in the final presidential debate. The affair will last 90 minutes and consist of six fifteen-minute segments. Topics include COVID-19, national security, climate change, families, leadership, and racial equality.
The debate’s format has drawn criticism from Trump supporters due to the omission of foreign policy and the institution of a “mute button.” These changes have been made recently by the debate commission. Subsequently, many people are questioning the purpose of tonight’s exchange. According to pundits over at The Guardian, this is Trump’s “last chance” to make up ground on polling leader Joe Biden.
On Wall Street, traders aren’t showing much desire to take on risk ahead of this evening’s Trump/Biden festivities. At the halfway point of the session, the DJIA DOW (-11), S&P 500 SPX (-3), and NASDAQ (-53) are hovering near flat.
Stocks Non-Committal Ahead Of Trump/Biden Debate
For the time being, it looks like traders are happy on the sidelines. Ultimately, there isn’t much to see here ― December E-mini DOW futures are in a holding pattern just above the 28,000 handle.
Here are the key levels to watch for the remainder of the trading week:
- Resistance(1): All-Time High, 29,180
- Support(1): 38% Macro Wave, 27,914
Overview: In a Live Market Update from earlier this week, I outlined the key support and resistance levels in play for the December E-mini DOW. Since then, the 38% Macro Wave Retracement (27914) held up as support, preserving the intermediate-term uptrend. Unless we see a surprise sell-off ahead of tonight’s Trump/Biden exchange, this market will be in a bullish position going into the Friday session.