The S&P gained 1.5% last week but greater uncertainties could be problematic for the bulls this week and may struggle below 3,400s. Technically, the price is stalling within a rising bearish wedge formation, FXStreet’s Ross J. Burland reports. Key quotes “There was little evidence of panic in price action, perhaps as it is presumed the US President will recover fairly quickly and that his ballot will not be withdrawn from the forthcoming US elections on November 3rd. However, there is still a tail-risk that Trump does not recover quickly and markets will be vulnerable to headlines throughout the next week or two.” “Prior to Trump’s hospitalization, Senate Majority Leader Mitch McConnell seemed cautiously optimistic the two sides are working toward middle ground. If the two sides do somehow manage to reach an agreement, it could take a week or more before it comes up for a vote. On the other hand, if negotiations fail, with Trump’s medical condition still under review, how likely is he to pursue unilateral action at this point? It is looking increasingly likely that talks may have to resume after the election but before the presidential inauguration on Jan. 20, 2021. US stocks are not going to like that.” “The price is above the 21 and 50 4-hour moving averages and bullish cross. So long as the price continues to respect the channel, there is an upside target in the 3,400s. On the downside, a break of the channel opens prospects for an extended breakout if the bears can clear support in the 3,200s.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD slides to two-week lows amid softer USD, rallying oil prices FX Street 2 years The S&P gained 1.5% last week but greater uncertainties could be problematic for the bulls this week and may struggle below 3,400s. Technically, the price is stalling within a rising bearish wedge formation, FXStreet’s Ross J. Burland reports. Key quotes “There was little evidence of panic in price action, perhaps as it is presumed the US President will recover fairly quickly and that his ballot will not be withdrawn from the forthcoming US elections on November 3rd. However, there is still a tail-risk that Trump does not recover quickly and markets will be vulnerable to headlines throughout the next week… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.