SPX ( S&P500 ) as of November 05, 2020: SPX increased by 67.01 (1.95%) points.
The rally is continuing and the index is 40 points away from the neckline of the double bottom pattern.
As the index has entered into the supply zone and the neckline is at 3550, it is likely that we may see a 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!
The rally is continuing and the index is 40 points away from the neckline of the double bottom pattern.
As the index has entered into the supply zone and the neckline is at 3550, it is likely that we may see a 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!