The SPX weekly chart shows the ongoing megaphone (expansion) pattern. Price receives a spankdown from the double-top now playing at the 20-week MA at 3320. Bulls need price above 3320 pronto or the SPX will slip away lower targeting the 50-week MA support at 3143. Just think, price will eventually want to correct below the 200-week at 2804 so the SPX would be below the pink line say during 2021.
Today is an important day; US Presidential Election Day 11/3/20. People are excited beyond belief; many could not sleep last night. The excitement is at fever pitch. The set-up is historic. Keystone asked an enthusiastic person why is today such an important day in America and why is he so excited beyond control. Without hesitation, he proclaimed that today we will see if the SPX continues lower adding credence to the megaphone pattern that targets 2000-2200 in 2021. Keystone asked about the election and what it means to him. He replied, "Election Day? I didn't know that. I was watching the expansion pattern. Oh, that means the bars are closed." This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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