SPX for Nov,12,2020
The hourly SPX started the day at the uptrend line 3550. If the uptrend line holds, then expect a higher price with resistance at 3600 area.
If closes below the uptrend line, then will play with the levels ( shown in the chart as horizontal lines) until it build a news trend line.
General notes about my charts:
I focus on Nasdaq and some times SPX and Dow. I don't use any indicator, I only use lines and pattern in my charts (i have my rules for lines). You will see 3 type of lines:
1- trending lines (green for up trend/ red for down trend)
2- horizontal lines ( those are levels that market will highly possible to respect them)
3- lines to show the pattern border.
the trending lines are more important than other lines. One of the noted information is usually market if breaks any level (horizontal line), it will go to the other line to test it. So, if you have the levels in your chart, you can expect the most likely move and so on.
If closes below the uptrend line, then will play with the levels ( shown in the chart as horizontal lines) until it build a news trend line.
General notes about my charts:
I focus on Nasdaq and some times SPX and Dow. I don't use any indicator, I only use lines and pattern in my charts (i have my rules for lines). You will see 3 type of lines:
1- trending lines (green for up trend/ red for down trend)
2- horizontal lines ( those are levels that market will highly possible to respect them)
3- lines to show the pattern border.
the trending lines are more important than other lines. One of the noted information is usually market if breaks any level (horizontal line), it will go to the other line to test it. So, if you have the levels in your chart, you can expect the most likely move and so on.
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