$SPX ( S&P500 ) as of November 20, 2020: SPX decreased by 24.33 (-0.68%) points.
SPX made an inside bar and still moving sideways. The current range is from 3645.91 to 3511.91, and if it takes the last swing low of 3511.91, a short-term downtrend will start.
In the weekly chart, we also get an inside bar, and sideways movement is evident.
So we can't forecast if the index will go down or up, but the current direction is sideways. It is consolidating for the last two days without losing many points. This consolidation could be a sign of strength to resume the journey if we are optimistic about the index.
Anyway, we will devise our strategy for trading the sideways market less aggressively.
Have A Nice Weekend!
SPX made an inside bar and still moving sideways. The current range is from 3645.91 to 3511.91, and if it takes the last swing low of 3511.91, a short-term downtrend will start.
In the weekly chart, we also get an inside bar, and sideways movement is evident.
So we can't forecast if the index will go down or up, but the current direction is sideways. It is consolidating for the last two days without losing many points. This consolidation could be a sign of strength to resume the journey if we are optimistic about the index.
Anyway, we will devise our strategy for trading the sideways market less aggressively.
Have A Nice Weekend!