The S&P 500 experienced consolidation in October, driven notably by profit-taking in technology and semiconductors following the US mid-term elections. Data covering more than 50 years show that the US stock market generally tends to rise during the 12 months following these elections, especially when the market consolidated beforehand. Morgan Stanley and Bloomberg data confirm this favorable seasonality. According to Vincent Ganne’s technical analysis, no major support level has been broken, including the 200-day moving average, the weekly Kumo, and an established bullish trend line. These levels could therefore support market stabilization and a rebound in the S&P 500.
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