10/20 End of day SPY Chart

On October 20, 2023, the S&P 500 exhibited some volatility. Initially, it fell during the overnight trading in the futures market but showed signs of bouncing back to continue its overall consolidation trend. On this date, the S&P 500 closed at $4,243.25, marking a decrease of 0.62%. The technical analysis indicated that the S&P 500 was trading between the 50-Day Exponential Moving Average (EMA) above, and the 200-Day EMA below, which typically suggests a lot of market noise. The analysis also hinted at the formation of a rising wedge, which could be a bearish pattern. This choppiness in the market was attributed to the ongoing earnings season and other macroeconomic factors. Despite decent earnings, there were other overarching concerns such as geopolitical tensions, especially with a war unfolding in Gaza, and rising inflation, which were seen as detrimental to many stocks. Due to these factors, the market exhibited significant volatility, urging traders to be cautious with their position sizing as reactions to earnings continued