SPX has been predictably rejected with a recent double top to reach new highs - we can see here by the RSI that it really didn't have much of a chance. And while we had a big down day, technicals don't necessarily indicate a further downturn, but most likely it will move sideways until the Nov 3 US elections. The VI moving avg is still pointing with a positive bias and while the RSI is nearing oversold conditions, it doesn't mean it will bounce higher anytime soon.
This is an exogenous event that really can't be predicted by technicals. We're going to muck around the 3225 level for at least the next couple of sessions, and even further if election results indicate no decisive winner and/or further time needed to process the votes. Coupled together with uncertainty as to how Trump may react to a loss (e.g., will no concede in case of a loss), that may further make markets choppy around these levels before deciding to break below the double top support or go at another try to recent highs.
This is an exogenous event that really can't be predicted by technicals. We're going to muck around the 3225 level for at least the next couple of sessions, and even further if election results indicate no decisive winner and/or further time needed to process the votes. Coupled together with uncertainty as to how Trump may react to a loss (e.g., will no concede in case of a loss), that may further make markets choppy around these levels before deciding to break below the double top support or go at another try to recent highs.