SP500 WEEKLY UPDATE
Dear traders, the SPX recently broke the ascending trendline and, after retesting it, fell below the 100 moving average that acted as a support twice after the March fall, exactly on the top of the Fibonacci retracement area (yellow box). This is not a random level, as the market precisely set itself on a crucial level waiting for the next week results, before taking a direction.
However, the period ranging from Nov to Dec is statistically a moment.
The upcoming US election and its related uncertainty make us propend for a flat-bearish scenario, at least until the mid of the next week.
The possibility is that the price will fluctuate inside the area 3230-3300 (red box) with traders benefiting from the ranging price. The first of the two levels that will be broken, will indicate the direction of the following move.
However, the period ranging from Nov to Dec is statistically a moment.
The upcoming US election and its related uncertainty make us propend for a flat-bearish scenario, at least until the mid of the next week.
The possibility is that the price will fluctuate inside the area 3230-3300 (red box) with traders benefiting from the ranging price. The first of the two levels that will be broken, will indicate the direction of the following move.
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