Eoin Treacy's view It is a truism to say that investors do not like uncertainty. Considering how close the US presidential election has been perceived to be and how disparate the policies of the two candidates, it is perhaps not so surprising that investors have taken some money off the table in advance of the result. This note from Walter Deemer includes a breakdown of the expected results for each Electoral College from InTrade.com. One way or another we will be presented with a result tomorrow. This will remove a certain amount of uncertainty. How the incumbent plans to deal with the fiscal cliff will be a problem for the first and second quarters of 2013.

The S&P500 hit a peak in September and has pulled back to test 1400 which coincides with the region of the 200-day MA and the upper side of the underlying trading range. This represents the first area of potential support, but a clear upward dynamic and/or break in the six-week progression of lower rally highs, currently near 1434, would be required to confirm more than temporary support in this area.

The Nasdaq-100 also posted a late September peak and has pulled back to pause in the region of the 200-day MA near 2640. A sustained move above 2800 would confirm a return to demand dominance beyond the short term.

US Treasuries have returned to test the three-month progression of lower rally highs but would need to sustain a move above 150 to question the medium-term top formation development hypothesis.

Since 2008, the US Dollar Index has been confined to a volatile range, which has type-3 bottoming characteristics. It has been held a progression of higher reaction lows since May 2011and retested the most recent, near 78.65, in September. A sustained move below that level would be required to question medium-term scope for continued higher to lateral ranging.

Following its abrupt decline on Friday, gold has firmed in the region of the 200-day MA but will need to sustain a move above $1725 to break the one-month progression of lower rally highs and indicate a return to demand dominance beyond the short-term.

The FTSE-100 has been ranging with a mild upward bias but below 6000 since September and a sustained move below 5750 would be required to question potential for a successful move to new recovery highs.

The S&P/ASX200 continues to hold a progression of higher reaction lows and has returned to test the upper side of the underlying trading range near 4400. A sustained move below the 200-day MA, currently near 4330, would be required to question potential for continued higher to lateral ranging.