The buying spree in the S&P 500 Index from Sept. 23 through Oct. 12 produced a modestly overbought condition. The selling that has resulted has brought the index back down to the support/breakout level of 3425-3430 points.
The bulls are trying to maintain support, and if they do, this will be considered a normal pullback and test of support. Any rally from current levels will then have to deal with resistance at 3550 (the October highs to date) and the all-time highs at 3588.
However,...
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October 23, 2020 at 02:21AM
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Bulls are trying to hold support in the stock market as 'breadth' slips after a big run - MarketWatch
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