SPX ( S&P500 ) as of November 12, 2020: SPX decreased by 35.65 (-1.00%) points.
SPX failed to make a breakout from the range for now and closed below the neckline of the double bottom pattern.
If it continues the decline it may get support around EMA20 and EMA50 at 3456 and 3410. But if it resumes the rally,
the range boundary around 3588 will act as resistance here.
Anyway, it is likely that the SPX will consolidate for a while before making a directional move.
Let's see how it reveals itself.
Happy Trading!
SPX failed to make a breakout from the range for now and closed below the neckline of the double bottom pattern.
If it continues the decline it may get support around EMA20 and EMA50 at 3456 and 3410. But if it resumes the rally,
the range boundary around 3588 will act as resistance here.
Anyway, it is likely that the SPX will consolidate for a while before making a directional move.
Let's see how it reveals itself.
Happy Trading!