Technical Analysis on .SPX& U

The $S&P 500(.SPX)$ closes October -2.2% and the $NASDAQ(.IXIC)$ -2%. This correction still looks and feels similar to the severe corrections that occurred in 2022.

Relief rallies find rejection at the moving averages, and breadth remains consistently negative. This is in the lower panel of the chart.

Next week is 9 consecutive weeks of negative market breadth. The "below the surface" part of the market has been detonated.

So long as price remains below and rejected by this short term moving average I do not think the correction has concluded and favour the 3950 - 4100 range for correction bottom. This remains the range I will like to take long exposure.

Image

$Unity Software Inc.(U)$ is sitting at defined 'all time low' support for the fifth time. The stock has been in this wide consolidation between 25 - 40 for a year and a half. In that time there have been a handful of significant volume weeks. I opened an initial position in August, and am a buyer here for another 1/3. The risk management from here is simple.

Keep above 25, because below that is a cliff with an undefined bottom.

Image

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Please share you Insights or comments on companies or technologies of AI industry.","image":"https://community-static.tradeup.com/news/4603961061b4e1f67cb838e908cb17bf"}],"images":[{"img":"https://community-static.tradeup.com/news/5cfb84d9b75055aaada5e96d7cbf171d","width":"916","height":"582"},{"img":"https://community-static.tradeup.com/news/84f315fc5c7ef2925f2d141da2e3426c","width":"916","height":"582"}],"coverImages":[{"img":"https://community-static.tradeup.com/news/5cfb84d9b75055aaada5e96d7cbf171d","width":"916","height":"582"}],"title":"Technical Analysis on .SPX& U","html":"<html><head></head><body><p>The  <a data-mention-id=\".SPX\" class=\"teditor-mention\" data-mention-name=\"S&amp;P 500\" href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a>  closes October -2.2% and the  <a data-mention-id=\".IXIC\" class=\"teditor-mention\" data-mention-name=\"NASDAQ\" href=\"https://ttm.financial/S/.IXIC\">$NASDAQ(.IXIC)$</a>  -2%. This correction still looks and feels similar to the severe corrections that occurred in 2022. </p><p>Relief rallies find rejection at the moving averages, and breadth remains consistently negative. This is in the lower panel of the chart. </p><p>Next week is 9 consecutive weeks of negative market breadth.<strong> The \"below the surface\" part of the market has been detonated. </strong></p><p>So long as price remains below and rejected by this short term moving average <strong>I do not think the correction has concluded </strong>and favour the 3950 - 4100 range for correction bottom. <strong>This remains the range I will like to take long exposure.</strong></p><p class=\"t-img-caption\"><img alt=\"Image\" title=\"Image\" src=\"https://community-static.tradeup.com/news/5cfb84d9b75055aaada5e96d7cbf171d\" tg-width=\"916\" tg-height=\"582\"><span>Image</span></p><p></p><p> <a data-mention-id=\"U\" class=\"teditor-mention\" data-mention-name=\"Unity Software Inc.\" href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a> <strong> </strong>is sitting at defined 'all time low' support for the fifth time. <strong>The stock has been in this wide consolidation between 25 - 40 for a year and a half. In that time there have been a handful of significant volume weeks.</strong> I opened an initial position in August, and am a buyer here for another 1/3. The risk management from here is simple. </p><p><strong>Keep above 25</strong>, <em>because below that is a cliff with an undefined bottom.</em></p><p class=\"t-img-caption\"><img alt=\"Image\" title=\"Image\" src=\"https://community-static.tradeup.com/news/84f315fc5c7ef2925f2d141da2e3426c\" tg-width=\"916\" tg-height=\"582\"><span>Image</span></p><p></p><p><em>Follow me to learn more about analysis!!</em></p><p>https://twitter.com/tomthetrader1</p></body></html>","htmlText":"<html><head></head><body><p>The  <a data-mention-id=\".SPX\" class=\"teditor-mention\" data-mention-name=\"S&amp;P 500\" href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a>  closes October -2.2% and the  <a data-mention-id=\".IXIC\" class=\"teditor-mention\" data-mention-name=\"NASDAQ\" href=\"https://ttm.financial/S/.IXIC\">$NASDAQ(.IXIC)$</a>  -2%. This correction still looks and feels similar to the severe corrections that occurred in 2022. </p><p>Relief rallies find rejection at the moving averages, and breadth remains consistently negative. This is in the lower panel of the chart. </p><p>Next week is 9 consecutive weeks of negative market breadth.<strong> The \"below the surface\" part of the market has been detonated. </strong></p><p>So long as price remains below and rejected by this short term moving average <strong>I do not think the correction has concluded </strong>and favour the 3950 - 4100 range for correction bottom. <strong>This remains the range I will like to take long exposure.</strong></p><p class=\"t-img-caption\"><img alt=\"Image\" title=\"Image\" src=\"https://community-static.tradeup.com/news/5cfb84d9b75055aaada5e96d7cbf171d\" tg-width=\"916\" tg-height=\"582\"><span>Image</span></p><p></p><p> <a data-mention-id=\"U\" class=\"teditor-mention\" data-mention-name=\"Unity Software Inc.\" href=\"https://ttm.financial/S/U\">$Unity Software Inc.(U)$</a> <strong> </strong>is sitting at defined 'all time low' support for the fifth time. <strong>The stock has been in this wide consolidation between 25 - 40 for a year and a half. In that time there have been a handful of significant volume weeks.</strong> I opened an initial position in August, and am a buyer here for another 1/3. The risk management from here is simple. </p><p><strong>Keep above 25</strong>, <em>because below that is a cliff with an undefined bottom.</em></p><p class=\"t-img-caption\"><img alt=\"Image\" title=\"Image\" src=\"https://community-static.tradeup.com/news/84f315fc5c7ef2925f2d141da2e3426c\" tg-width=\"916\" tg-height=\"582\"><span>Image</span></p><p></p><p><em>Follow me to learn more about analysis!!</em></p><p>https://twitter.com/tomthetrader1</p></body></html>","text":"The $S&P 500(.SPX)$ closes October -2.2% and the $NASDAQ(.IXIC)$ -2%. This correction still looks and feels similar to the severe corrections that occurred in 2022. Relief rallies find rejection at the moving averages, and breadth remains consistently negative. This is in the lower panel of the chart. Next week is 9 consecutive weeks of negative market breadth. The \"below the surface\" part of the market has been detonated. So long as price remains below and rejected by this short term moving average I do not think the correction has concluded and favour the 3950 - 4100 range for correction bottom. This remains the range I will like to take long exposure. Image $Unity Software Inc.(U)$ is sitting at defined 'all time low' support for the fifth time. The stock has been in this wide consolidation between 25 - 40 for a year and a half. In that time there have been a handful of significant volume weeks. I opened an initial position in August, and am a buyer here for another 1/3. The risk management from here is simple. Keep above 25, because below that is a cliff with an undefined bottom. 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