US Election 2024: Here’s How SPY And QQQ Performed A Month Before The Polls

Thursday marks the final trading day in October ahead of the election month and markets have started showing signs of nervousness.

With no indication of a concrete majority for Republican candidate Donald Trump or Democratic candidate Kamala Harris in recent days, traders are bracing for heavy volatility in the coming days.

Although the market has been making fresh record highs recently driven by corporate earnings and an easing rate environment, the last two days have seen traders take some profits off the table.

The S&P 500 and the Nasdaq indices have registered losses for a second consecutive day as on Thursday afternoon.

Under these circumstances, it would be interesting to understand how two of the most popular exchange traded funds performed during the month.

The SPDR S&P 500 ETF Trust ($SPY), which tracks the S&P 500 index, has lost nearly 0.4% in Oct. 2024, as of data taken at 1:19 p.m. ET on Oct. 31.

Interestingly, on Stocktwits, retail sentiment continues to trend in the ‘neutral’ territory compared to a month ago, albeit with high retail chatter.

One Stocktwits user believes SPY may hit the $565 mark soon.

Similarly, the Invesco QQQ Trust, Series 1 ($QQQ) has lost over 0.4% in Oct. 2024 according to data taken at 1:27 p.m. ET on Oct. 31, 2024. However, retail sentiment has inched up into the ‘bullish’ territory (70/100) from ‘bearish’ a month ago.

One user believes the current level offers a good buying opportunity.

Meanwhile, the CBOE VIX has climbed nearly 11% on Thursday to 22.32 indicating a rise in the fear factor ahead of the election week.

Also See: Alaska Air Stock Rises After Upbeat Q3 Earnings: But Retail’s Unconvinced

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