Fundamental analysis

SPX analysis update for November 1st.

analytics63611540f2fd1.jpganalysis on SPX pointing out that price was in a strong short-term upward momentum and traders should expect price to move towards the 4,000 price level. Price continues making higher highs and higher lows. Price is trading today around 3,915 and there is still more upside potential. Key resistance by the blue downward sloping trend line is found at 4,140. The 4,000 price level is our first and minimum bounce target. The RSI has moved higher but has still not reached overbought levels. The bullish divergence warned us on time of the coming reversal. Short-term support is found at 3,760 area and bulls need to defend this level and keep the index above it. Failure to do so would be a bearish signal.

The material has been provided by InstaForex Company – www.instaforex.com


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