#SPX as of October 26, 2020, Daily Chart Analysis based on chart patterns and price action only, ignoring all the market noise.
In the daily chart, the Cup and Handle pattern gets distorted but if it rebounds the next day it may complete the pattern but the chances are remote as the SPX made a lower low today. The index penetrated EMA-50 but closed above it but closed below EMA-20 and made a lower low which confirms the short-term downtrend. If it continues the downfall and cannot hold EMA-50 then it will enter into a midterm downtrend. It may get support around 3300 before reaching the last swing low(HL).
In the daily chart, the Cup and Handle pattern gets distorted but if it rebounds the next day it may complete the pattern but the chances are remote as the SPX made a lower low today. The index penetrated EMA-50 but closed above it but closed below EMA-20 and made a lower low which confirms the short-term downtrend. If it continues the downfall and cannot hold EMA-50 then it will enter into a midterm downtrend. It may get support around 3300 before reaching the last swing low(HL).