SPX ( S&P500 ) as of November 04, 2020
SPX ( S&P500 ) as of November 04, 2020: SPX increased by 74.42 (2.21%) points.
We are going through a rally and a follow-through of last day's move. The index strongly moved above the resistance of EMA20 and EMA50.
The double bottom pattern is going to take full shape if it moves above the neckline @ 3550.
But the supply zone is around 3550 as such we may see some reaction around this level.
In spite of this rally, the index is still in the range marked as a pink rectangle in the chart. For a range expansion move, it has to move above 3558.
Happy Trading!
We are going through a rally and a follow-through of last day's move. The index strongly moved above the resistance of EMA20 and EMA50.
The double bottom pattern is going to take full shape if it moves above the neckline @ 3550.
But the supply zone is around 3550 as such we may see some reaction around this level.
In spite of this rally, the index is still in the range marked as a pink rectangle in the chart. For a range expansion move, it has to move above 3558.
Happy Trading!
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