SPX ( S&P500 ) as of November 03, 2020: SPX increased by 58 .92 (1.78%) points.
We observed a follow-through of last day's move and the index filled the gap it created last week.
The higher low is now more pronounced and the double bottom pattern is very noticeable.
But the problem here is to confirm the double bottom pattern it needs a breakout from the neckline which is far away from current price level.
The index is now facing resistance from EMA-20 and EMA-50, if it can't overcome the resistances the index may go for a complex pullback by creating lower highs.
However, SPX is still moving within the range of 3558 to 3210.
We could anticipate that the index will provide a directional movement after the election is over. Let's see.
Happy Trading!
We observed a follow-through of last day's move and the index filled the gap it created last week.
The higher low is now more pronounced and the double bottom pattern is very noticeable.
But the problem here is to confirm the double bottom pattern it needs a breakout from the neckline which is far away from current price level.
The index is now facing resistance from EMA-20 and EMA-50, if it can't overcome the resistances the index may go for a complex pullback by creating lower highs.
However, SPX is still moving within the range of 3558 to 3210.
We could anticipate that the index will provide a directional movement after the election is over. Let's see.
Happy Trading!