SPX ( S&P500 ) as of October 29, 2020: Daily, Weekly & Monthly
Updated
SPX ( S&P500 ) as of October 30, 2020: SPX decreased by 40.15 (-1.21%) points. The index made a lower low but recovered some lost points and made a partial hammer candle (pin bar).
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
In the weekly chart, the double top pattern is also clearly visible and the support is around 3164(EMA-50).
At the month-end, we got a complete monthly candle. The monthly chart is still range-bound and made an inside bar.
Though the breaking of the neckline of the double top pattern in the daily and weekly chart will crack the range of the monthly chart.
Have A Nice Weekend!
https://www.tradingview.com/x/LLJprBOX/
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
In the weekly chart, the double top pattern is also clearly visible and the support is around 3164(EMA-50).
At the month-end, we got a complete monthly candle. The monthly chart is still range-bound and made an inside bar.
Though the breaking of the neckline of the double top pattern in the daily and weekly chart will crack the range of the monthly chart.
Have A Nice Weekend!
https://www.tradingview.com/x/LLJprBOX/
Note
Weekly & Monthly Charts:Note
The date in the header will October 30, 2020, instead of October 29.Sorry for this mistake.
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