S7P 500 Weekly update
The move today was impressive and it looks like the SPX still has room to run. The index is forming new supports (Previous resistance) at 3587 that is held pretty well today.
In my post on 05 Nov, I mentioned that the daily MACD bullish crossover may be followed by a 200 point jump in the SPX.
I expect a further 100 point jump from the current levels.
I am expecting the index to move higher or consolidate sideways (with minimal gains) for the rest of the week.
Price may enter a correction next week which will be aligned with more states announcing lockdowns and restrictions for the holidays and after. The MACD and Stoch RSI are also indicating a continuation of upward momentum before the price can reverse.
Thank you for reading.
**Just an Opinion
In my post on 05 Nov, I mentioned that the daily MACD bullish crossover may be followed by a 200 point jump in the SPX.
I expect a further 100 point jump from the current levels.
I am expecting the index to move higher or consolidate sideways (with minimal gains) for the rest of the week.
Price may enter a correction next week which will be aligned with more states announcing lockdowns and restrictions for the holidays and after. The MACD and Stoch RSI are also indicating a continuation of upward momentum before the price can reverse.
Thank you for reading.
**Just an Opinion
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