Creating Suspense

Despite gaps higher in Dow giants MCD and MSFT, not to mention a recent snapback rally in AXP, the rest of the market is floundering. 

That said, dip-buyers continue to put up a fight at 2130 on the S&P 500 Index to prevent a further sell-off. This type of a action further drives home the idea of a choppy range, perhaps lasting until Election Day on November 8th. 

Either way, upside momentum continues to be blunted, with the likes of ACIA TWLO simply searching for a bottom. Even as leaders like AMZN FB GOOGL hold up well they are not surging to new highs here either. 

It is also an interesting development to see the U.S. Dollar strengthen and threaten a long-term breakout. If select commodities can ignore the greenback, a theme we have been discussing this week, it should be taken as a bullish sign on their part going forward. 

For now, with the VIX ETFs red as I write this and the QQQ flipping marginally green, bears are going to need more than an opening gap lower to really crack this market, even if the bull case is on hold for being aggressively long.