S&P500 US Mid Election buys 📈

Hello, good day traders! 👋🤙

📰Fundamentally,

- S&P 500 May Gain After Mid Election: Leveraged ETFs to Tap

- With polls showing Republicans likely to win at least one house of Congress, analysts are speculating a further Washington gridlock. Whatever the scenario, stocks have historically seen the strongest stretch during the four-year presidential cycle for the fourth quarter and year after mid-term elections. And to benefit from this trend, investors could easily tap the S&P 500 Index with the help of leveraged ETFs.

- History suggests that the S&P 500 gives best returns following U.S. midterms. The S&P 500 has an eight-decade record of rising in the one-year period after midterm elections. According to Dow Jones Market Data, the S&P 500 has returned 0.4% on average on the day of midterm elections since 1970.

🤔On the technical front,

1.) Looking at the H4 chart, price tapped into my buy entry at 3805.83, where the 38.2% Fibonacci line is located.

2.) I have a pretty safe stop loss set at 3636.87 where it is slightly above where the previous low and 78.6% Fibonacci projection line are located.

3.) I am looking to take profit at 4031.44 where it is slightly above where the 23.6% Fibonacci projection line and 61.8% Fibonacci line are located.

4.) To add confluence to the take profit area, there is a market gap that looks good to be filled.

Buy Entry: 3805.83📈

Take Profit: 4031.44 💲

Stop Loss: 3636.87❌