SPX Faces 20DMA Resistance After Oversold Bounce
$S&P 500(.SPX)$ : The bounce was likely given the oversold conditions reached on Friday for breadth indicators, as posted in the Weekly Compass.
➡️ The inside candle shows indecision after finding resistance at the 20DMA. That hurdle needs to be overcome for 📈continuation. Watch levels.
Candlestick chart of SPX index with green and red bars showing price movements from August 1 to October 15, overlaid with blue and purple trend lines, horizontal resistance lines at levels like 6700.00 and 6580.00, and a volume histogram at the bottom in green and red bars.
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