From CNBC's "Stock futures retreat as Wall Street awaits results of midterm elections" posted early Wednesday:
Stock futures moved lower — following recent market gains — as results of the midterm elections dragged on with control of the U.S. House of Representatives and Senate still up in the air...
Stocks are coming off three-straight days of gains. The Dow climbed 333 points on Tuesday for its third-straight session of gaining more than 1%. The bounce for equities may be partly due to the elections, where Wall Street was expecting Republicans to gain ground and create gridlock in Washington, D.C.
But control of the houses of Congress were not clear overnight so far...
Morgan Stanley chief U.S. equity strategist Mike Wilson said on CNBC’s “Closing Bell” that if it does end up being divided government it could help ease concerns about inflation and higher interest rates going forward.
“It looks like the House will go the way of the Republicans,” Wilson said. “That means gridlock. Probably, less fiscal spending will be achieved.”
Charts: Yahoo!Finance sees a bearish price-crosses-moving-average pattern. Max pain stays at $142 with the same call mountain at $150 and put peak at $125.