That is not to say that the market rally would be dead. In my opinion, it would merely postpone the inevitable - a parabolic rise in US stocks. My bias remains long, and only monthly close below 2018 lows would shift the market into a medium-term neutral gear.
Last week's preemptive bounce offers a good from which to trade the election reaction. If the result is contested, with allegations of foul play, it would be reasonable to expect the market to coil before picking a determined direction. In any case, it is my current expectation that we are forming part of a larger coiling pattern, which will propel the market to new all-time highs. A measured move projects from the November 2016 low the 2018 high, to the 36k area.
IF we take out recent lows, I do not recommend shorting this market. DAX , CAC and others offer better short plays.
I am long only.