Bullishcharts

$SPX Weekly Chart Review

Long
TVC:SPX   S&P 500 Index

Despite its best efforts today, a rally was not possible with so much selling pressure coming from
big cap tech and the news that the POTUS had contracted COVID added to the instability.
On the plus side no real technical damage has been done , so far we have had a routine
retrace to the .382 Fibonacci level while the local uptrend is also intact.
Monday may very well bring a test of 3326 or indeed fill the gap below at 3306.09, whereas to the upside
the 50MA should prove to be resistance.
So keep it simple bulls need to reclaim the 50ma and break the local downtrend, whereas Bears need to break 3300.

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