SPX ( S&P500 ) as of November 06, 2020
SPX ( S&P500 ) as of November 06, 2020: SPX decreased by 1. 01 (-0.3%) points.
The current rally of the index paused and made a Doji candle, a candle of indecision.
As we anticipated the index reacted at supply zone before penetrating the neckline of the double bottom pattern.
We won't be sure for now if the pause is for gaining strength or for a reversal, it will be clear within a few days.
The possible scenario would a higher low and the resumption of the current rally or a lower high followed by a lower low for the several of the current rallies.
In the weekly chart, we got a WRB candle but the candle does not make any higher high so the weekly chart is also range-bound as it is made a lower high and a higher low.
Have a great weekend!
The current rally of the index paused and made a Doji candle, a candle of indecision.
As we anticipated the index reacted at supply zone before penetrating the neckline of the double bottom pattern.
We won't be sure for now if the pause is for gaining strength or for a reversal, it will be clear within a few days.
The possible scenario would a higher low and the resumption of the current rally or a lower high followed by a lower low for the several of the current rallies.
In the weekly chart, we got a WRB candle but the candle does not make any higher high so the weekly chart is also range-bound as it is made a lower high and a higher low.
Have a great weekend!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.