Potential LONG confirmation of S&P500
Looking at the previous price confirmation, when price met the 50 exponential moving average (EMA) and formed at least a piercing line candlestick pattern, price moves towards the upside
If the October candlestick of the S&P500 were to close at least 50% of the previous month candlestick, we are likely to see a reversal movement of the equities market. We are left with the final day of October and it seem likely that the S&P500 will close the monthly calendar with at least a piercing line candlestick pattern. The monthly 50-exponential moving average is also in line with the weekly 200 simple moving average.
With confirmation, the long target of S&P500 would tentatively be around the 4150 region (strongly dependent on momentum).
If the October candlestick of the S&P500 were to close at least 50% of the previous month candlestick, we are likely to see a reversal movement of the equities market. We are left with the final day of October and it seem likely that the S&P500 will close the monthly calendar with at least a piercing line candlestick pattern. The monthly 50-exponential moving average is also in line with the weekly 200 simple moving average.
With confirmation, the long target of S&P500 would tentatively be around the 4150 region (strongly dependent on momentum).
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