The S&P 500 has broken its trendline support, which has held up since November, as well as its 20-day SMA. This is not a good sign as it suggests a market correction might be on the cards. Right now the S&P 500 is hovering above the 50-day SMA. If that breaks it means we are in correction territory (strong support at 3547). Be careful and have some cash on hand in...
Today, OPEN has dropped to its major trendline support (purple line) as well as its 50-day SMA (blue line). There is a high likelihood that OPEN will rebound to previous highs because (I) the stock has very rarely fallen below its 50-day SMA, and (II), it has rebounded off the trendline support multiple times in the past.
SBE is a SPAC that is set to merge with ChargePoint on Feb. 11, 2021. As history has shown, SPACs' stock prices run up till their date of merger. In SBE's case, the price has successfully bounced from its $40 trendline support, and very likely will increase from its current $40 mark to around $55, as shown by my technical analysis.
