Stock futures were slightly higher before the presidential election

Traders and investors around the world are keeping their eyes close to the U.S. presidential election. High volatility movement might happen after the result is announced. Moreover, the FOMC meeting event is also a major event to watch this week. Further interest rate-cut is welcomed and could trigger bullish movements in the stock market. Under the current situation, traders better keep accumulating long positions near support levels while preparing for the results.

Technical Analysis

Dow Jones Industrial Average (INDU)

DJIA index was slightly higher before the U.S. election and the FOMC meeting this week. Traders will stay cautious ahead of both events which could trigger big volatility in the market. At the current time, traders will stay sidelines and wait for further reactions. If the index manages to bounce from the Fibonacci Retracement levels then traders could consider entering long positions in stocks.

3D System Corporation (DDD)

DDD share prices constantly trading below the daily SMA 200. Whenever the share prices return to the averages, it get rejected and continue the bearish trend. At the current time, the share prices is trading near the daily SMA 200 and will test it. If there are bearish reactions then traders could enter short positions. However, if the share prices climb and close above the daily SMA 200 then the trend could change.