If there is one thing the financial markets do not like, it is uncertainty. Of course, who will become the next President of the United States of America is often a considerable uncertainty, especially in the 2024 elections with two opposite candidates. Since the President of the USA wields great economic power at home and abroad, and the stock market is an economic barometer, it is paramount to ask if the outcome of the elections can crash the US stock market.
The bottom line is that the Bears stopped the advance right where they had to and still have a shot at hammering out a multi-year top. However, to confirm this thesis, a break below at least the October 1 low, especially the September 6 low, is required. Otherwise, the Bulls can run with it. Meanwhile, market breadth and sentiment are getting pretty washed out, which favors the Bulls, if only for a “dead cat bounce.
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