Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Christopher Lewis
S&P 500

The S&P 500 has broken down rather significantly during the trading session on Wednesday, only to slice through a significant uptrend line. Having said that, there are still plenty of support areas underneath that come into play and as these indices are so highly manipulated, it gets to be very difficult to short this market. From a pure technical analysis standpoint, it is not until we break down below the 3200 level that you get a confirmed “double top.” The 200 day EMA sits just below there and breaking through that obviously would be a very negative turn of events as well. Nonetheless, stock markets have this pesky habit in the United States of always find a reason to rally.

S&P 500 Video 29.10.20

As mentioned previously, the markets are manipulated in the sense that they are not equally weighted, so therefore it is going to come down to a handful of stocks. Once the technology companies get out of the congressional meeting for the session, it is possible that people will jump into the major companies again, and therefore push the S&P 500 higher later in the day. Ultimately, this is a market that is always a “buy on the dips” type of situation but it takes quite a bit of sense to look for a daily supportive candlestick in order to do so. This is because the markets are most certainly nervous at the moment, so I do think that we will have an opportunity to pick up value and write it out. However, between now and the election things are going to be very dicey to say the least of keep your position size small.

Know where the Market is headed? Take advantage now with 

75% of retail CFD investors lose money

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.