Posts

๐Ÿ“ˆ Daily TA: S&P500 (SPX) | 15-10-2020

avatar of @cryptospa
25
@cryptospa
ยท
ยท
0 views
ยท
1 min read

Hello, dear members of LeoFinance!

Today I will comment on the price chart of index S&P 500 (SPX).

In the weekly time frame (1W), SPX is drawing a Broadening Triangle (some chartists call it Broadening Wedge or Broadening Formation):

As can be seen from the chart, at the moment SPX is approaching the upper line (resistance line) of the triangle.

Theoretically (according to Technical Analysis theory), such kind of formation (if in Uptrend) is viewed as a bearish pattern suggesting lower prices to come: Image source: www.TopStockResearch.com

I still don't have a clear cut how the price chart of S&P500 will evolve, but I think that it will at least hit the upper line (resistance line) of this triangle/formation.

So, fellow LeoFinancier, what do you expect from S&P500?

p.s. at the time of writing SPX is at the level of 3,483.35 according to TradingView.


A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 14+ years, and as a cryptocurrency analyst for the last 3+ years.


Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency trades, investments and etc.


Learn How To Earn PRE Tokens By Using Presearch Decentralized Search Engine

Join the crypto exchange Binance: https://www.binance.com/en/register?ref=28017531

Posted Using LeoFinance Beta