SPX ( S&P500 ) as of November 11, 2020: SPX increased by 27.13 (0.77%) points.
On November 09, 2020, SPX made a gap-up and broke out from the neckline confirming the double bottom("W") pattern. But the higher price was rejected and we got an inverted hammer candle.
Next day it filled the gap but the lower price was rejected and we got hammer type candle. In the last day, we got an inside bar and it is likely the rally will continue.
Though the index penetrated the range boundary on November 09 still we are in the range. A move above 3588 will initiate a range expansion mode for the index.
However, if it can't hold the uptrend and try to reverse, it will get support from EMAs.
Happy Trading!
On November 09, 2020, SPX made a gap-up and broke out from the neckline confirming the double bottom("W") pattern. But the higher price was rejected and we got an inverted hammer candle.
Next day it filled the gap but the lower price was rejected and we got hammer type candle. In the last day, we got an inside bar and it is likely the rally will continue.
Though the index penetrated the range boundary on November 09 still we are in the range. A move above 3588 will initiate a range expansion mode for the index.
However, if it can't hold the uptrend and try to reverse, it will get support from EMAs.
Happy Trading!