As the U.S. presidential election approaches in less than two weeks, market participants are increasingly pricing in election-related risks. The S&P 500 Index ($SPX) has seen a slight pullback of 1% over the past three days, following a six-week bullish trend. Analysts note that the current market conditions are characterized by near overbought levels and poor breadth, raising questions about the market's ability to maintain momentum leading into November 5. The implied volatility for the election is currently at 2%, the lowest since tracking began, indicating that market makers may not be fully accounting for potential post-election volatility. Currency traders are particularly cautious, with the Mexican Peso expected to experience significant fluctuations after the election. Additionally, the VIX, which measures market volatility, is being closely monitored, with levels of 27 and 35 seen as potential buy signals in the current bull market. Overall, the market sentiment remains cautious as traders brace for potential volatility ahead of the election.