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S&P 500 Almost key resistance after the first US presidential debate. Who won?


Election 2020, S&P 500 analysis, first presidential debate, who won the debate? – Discussion points

  • The first presidential debate gave little indication of the respective policies of each candidate
  • Post-debate poll data shows former Vice President Joe Biden outclassed Trump
  • Shares initially rose following the debate with S&P 500 now just shy of the february summit

34 DAYS UNTIL THE PRESIDENTIAL ELECTION OF THE UNITED STATES

Just over a month before the November 3 election, investors just saw the first of many presidential debates. Candidates Joe Biden and Donald Trump discussed several topics, including the economy, Covid-19, race relations and the environment. The markets first rose before subsequently falling sharply after the debate was over.

2020 U.S. election polls

S & amp; P 500 near key resistance after first US presidential debate. Who won?

Source: RealClearPolitics

Given the large number of interruptions and the broadly vague answers to general questions, it has been difficult to determine exactly what their policies are for major economic issues. Mr. Biden appears to have exceeded expectations. He took a moderate approach to policies like the environment, which involved far less uncertainty than bolder measures proposed by other lawmakers in his party.

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Poll data from the first presidential debate

S & amp; P 500 near key resistance after first US presidential debate. Who won?

Source: Vox citing Data for Progress

This may have helped increase its popularity by being able to appeal to a larger base of potential voters. Data for Progress poll data shows that the public was more receptive to Mr. Biden’s appearance in the debate than his counterpart. Looking ahead, the next big one to watch will be the first vice-presidential debate between Mike Pence and Kamala Harris on October 7.

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S&P 500 Price Analysis

The S&P 500 Index rose just over 0.70% on Wednesday but stopped just before key resistance at 3393.5. This inflection point not only marks the February high before the markets crater in March, but also functioned as a sticking point when the benchmark timidly approached it in mid-August before decisively crossing it. . The S&P 500 then rose until it hit 3588.1 and then fell.

S&P 500 – Daily chart

S & amp; P 500 near key resistance after first US presidential debate. Who won?

S&P 500 chart created using TradingView

As it fell, a steep descending resistance channel formed. However, the index – in a relatively short period of time – came out but its gains could be capped at resistance at 3393.5. Wednesday’s candle – especially looking at the wick – indicated a desire to rise higher but ultimately the underlying confidence was lacking. However, if the S&P 500 breaks through this ceiling, a bullish sentiment may develop and catapult it higher.

— Written by Dimitri Zabelin, Currency Analyst for DailyFX.com

Contact Dimitri, use the comments section below or @ZabelinDimitrisure Twitter



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