FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
99,774,476Confirmed
2,139,043Deaths
71,764,097Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
S&P 500

The S&P 500 has broken down towards the 3200 level underneath, which is an area where we have seen a nice bounce from in September. Furthermore, it was previous resistance so looking at this chart it appears that we are ready to see quite a bit of negativity going into the election, but the 50 week EMA is sitting at the 3156 level, and it should come into play. Because of this, it is very likely that we will continue to see 3200 be important, so at this point in time I think we may simply go more sideways than anything else. Even if we do break down from here, I believe that the 3000 level comes into play. That is a large, round, psychologically significant figure and will attract a certain amount of attention regardless.

S&P 500 Video 02.11.20

Wall Street is somewhat concerned about the election, and whether or not there will be some type of clear decision at the end of the day on Tuesday. At this point and looks very unlikely to be the case due to the fact that a lot of Americans are mailing in their ballots this year. Furthermore, there are hotly contested areas that will almost certainly lead to court cases, so the question is not so much as to whether or not a particular candidate wins, but whether the makeup is all Democrats, a mix, or whatever. I suspect that the next week candle will probably be well within the range or negative, but I do not anticipate that it is a longer-term move.

Advertisement
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.

Advertisement
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
IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US