In our Trade Watch Video, we look for high probability trade setups that we can trade throughout the day. Today, we simply ask, what now for President-Elect Biden?
Currently, Biden has secured 290 electoral votes, surpassing the required 270. The race has been very close and it looks like the Republicans may win the senate. This might be a nightmare for politicians but not quite so bad for the markets. If the Republicans block a lot of the legislation then very little real change can occur. Of course, all elected officials will have to face the electorate next time around so they should be careful. The current situation actually provides a little bit more stability for the markets, believe it or not. Now, that we have US Presidential-Elect Biden it was no surprise to see markets behave somewhat erratically. Then as the week progressed it started to become clear that we are likely to get a Biden victory. The markets reacted surprisingly but extremely positively. The S&P 500 saw a 260 point move to the upside over the course of the week. As a result, the USD sold off against most dollar major pairs in a similar fashion.
So what does this mean for the markets? We anticipate the US Indices will continue to strengthen and the USD to continue to sell-off. This does not need to happen straight away but when it does, it will give us some great trading opportunities. We have already seen some markets like USDJPY and USDCHF already break out to the downside with many other markets very close to breaking. Hopefully, we will see the follow-through confirmation we always look for this time around.
What Now for President-Elect Biden? – Full Video Analysis
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