SPX ( S&P500 ) as of October 29, 2020
SPX ( S&P500 ) as of October 29, 2020: SPX increased by 39.09 (1.19%) points. The index made a weak effort for a reversal and made a lower low.
For a reversal, it needs to make a higher low and fill the gap(marked in the chart).
The double top pattern is still valid. The neckline of the double top pattern is at 3209.45, breaking of which will penetrate the WMA-200. If it happens, the long-term uptrend will reverse and may lead to more downfall.
However, if it goes below the dynamic support of WMA200, the next support zones are around 3100 and 2975.
For a reversal, it needs to make a higher low and fill the gap(marked in the chart).
The double top pattern is still valid. The neckline of the double top pattern is at 3209.45, breaking of which will penetrate the WMA-200. If it happens, the long-term uptrend will reverse and may lead to more downfall.
However, if it goes below the dynamic support of WMA200, the next support zones are around 3100 and 2975.
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