S&P WEEKLY REPORT

25 Okt 2020

SPX

Last week we saw S&P slowly declined back towards 3423.0 around my support levels even though we were getting fairly positive news regarding the stimulus package. I think that's because of the uncertainty around it being passed by congress before election, but im very much still bullish on the S&P. It's currently ranging between 3477.7 (Resistance) & 3423.0 ( Support) , in the upcoming week if we could see some progress between nancy pelosi & Mcconnel we could see a breakout of the current consolidative zone to the upside & head back to september monthly highs around 3578.4 which is +124 pips or +3.59% higher than it's current price. Nancy pelosi is set to speak on cnn this afternoon & hopefully she can deliver some positive news to kick start the trading week on a positive note , i'll be watching for any additional information. With that said i'd wait until we could get a daily close above 3477.7 ( Resistance) before entering any long positions .
Let me know what you guys think down below in the comment.....
I wish you'll a productive trading week.