sgzaman

SPX ( S&P500 ) as of October 29, 2020: Daily, Weekly & Monthly

SPCFD:SPX   S&P 500 Index
SPX ( S&P500 ) as of October 30, 2020: SPX decreased by 40 .15 (-1.21%) points. The index made a lower low but recovered some lost points and made a partial hammer candle ( pin bar ).

The double top pattern is still valid. The neckline of the double top pattern is at 3209.45, breaking of which will penetrate the WMA-200.
If it happens, the long-term uptrend will reverse and may lead to more downfall.
However, if it goes below the dynamic support of WMA200, the next support zones are around 3100 and 2975

In the weekly chart, the double top pattern is also clearly visible and the support is around 3164(EMA-50).
At the month-end, we got a complete monthly candle. The monthly chart is still range-bound and made an inside bar .
Though the breaking of the neckline of the double top pattern in the daily and weekly chart will crack the range of the monthly chart.

Have A Nice Weekend!

 
Comment: Weekly & Monthly Charts:
Comment: The date in the header will October 30, 2020, instead of October 29.
Sorry for this mistake.

Comments

A rebound would be awesome. Thank you so much for the insight!
Reply
sgzaman MichaelJason
@MichaelJason, Yes, a rebound would be nice but we will never be sure as there are hundreds of variables working in the market.
Technical Analysis is all about probabilities, not a certainty as such we can't predict, we just anticipate and play with odds with the if-then scenarios.

Thanks for your kind words.
Reply
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