SPX ( S&P500 ) as of November 02, 2020: SPX increased by 40.28 (1.23%) points.
An interesting situation here, SPX made a higher low last day, if it continues the rally to the upside we may see a reversal from the current decline.
If the rally continues we may see a double bottom pattern instead of the double top pattern. But still, there is a chance of a complex pullback and a lower low,
if that happens the double top pattern will be validated by cracking the neckline.
For now, EMA20 and EMA50 are acting as resistance for the upward rally. The index is rangebound for now.
Let's see how it reacts to the presidential election.
Happy Trading!
An interesting situation here, SPX made a higher low last day, if it continues the rally to the upside we may see a reversal from the current decline.
If the rally continues we may see a double bottom pattern instead of the double top pattern. But still, there is a chance of a complex pullback and a lower low,
if that happens the double top pattern will be validated by cracking the neckline.
For now, EMA20 and EMA50 are acting as resistance for the upward rally. The index is rangebound for now.
Let's see how it reacts to the presidential election.
Happy Trading!