You Missed The LowYou Missed The Low

November the 8th is finally here and soon we will know the next U.S president. There is still fear and uncertainty in the markets, perhaps more than is justified, but I doubt many readers are in a rush to buy equities today (SPY), especially as you will have to chase yesterday's 2.21% rally.

It's far more safe to wait until the results come in and we can see the market's reaction. By which time the SPY could be 4% off last week's lows, and many stocks could be 6-8% off their lows, leaving you fearful of chasing even more. I suspect that's what the market wants. This is how rallies are made.

The Simple Set-up

The S&P500 tested its 200dma on Friday. This is the most watched technical indicator of all, and it comes as a standard, pre-loaded addition to most charts. To add to…