Technical analysis of S&P 500

SP:SPX   S&P 500 Index
On November 3, the index quotes broke the trend line and returned to the ascending channel. After this, on November 10, quotes overcame resistance at 4385.00, which increased the likelihood of further price growth and marked the end of the correction. The next resistance for the index will be the level of 4500.00. In case of its breakdown, quotes could reach a yearly maximum of 4600.00.
A breakdown of the ascending trend line downwards completely cancels the growth scenario. In this case, index quotes may return to support at 4200.00.


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