$SPX as of October 23,2020 Daily & Weekly Chart Analysis
#SPX as of October 23, 2020, Daily & Weekly Chart Analysis based on chart patterns and price action only, ignoring all the market noise.
In the daily chart, it may form a Cup and Handle pattern. The index got support around EMA20 and made a higher low, now it needs higher highs to complete the handle of the cup. The next resistance is around 3530 and if it fails to move forward the support zone is around 3385 -3320.
The weekly chart is consolidating between demand and supply zone and made a lower high and a higher low.
Let's see how it reveals itself in the next week.
Have a great weekend!
In the daily chart, it may form a Cup and Handle pattern. The index got support around EMA20 and made a higher low, now it needs higher highs to complete the handle of the cup. The next resistance is around 3530 and if it fails to move forward the support zone is around 3385 -3320.
The weekly chart is consolidating between demand and supply zone and made a lower high and a higher low.
Let's see how it reveals itself in the next week.
Have a great weekend!