Hello traders and investors! It’s been a while since my last analysis on SPX, but let’s see how it is doing this Friday!
First, it filled the Exhaustion Gap, showing some signs of weakness, and today it lost the black line at 3710, triggering a pivot point that could lead SPX to lower levels.
Since the trend is still clearly bullish, a retest of the purple trendline is something we can work with right now, for the short-term. This target makes sense if we look at the daily chart as well:
We have a Bearish Engulfing today, and this indicates that the index could drop to the dual-support area around the 21 ema and the blue line (previous top/previous support).
So far, I can’t tell that this is a reversal sign because the volume was very low today, meaning that this is not a real sell-off, but people booking profits instead. All we know that this could be the beginning of a pullback to the points mentioned above. Next week we’ll have more info.
These are the Key Points for SPX right now. If this idea helped you, consider following me to keep in touch with my daily analyses. And please, support this idea if you liked it!
Thank you very much, have a great weekend!
First, it filled the Exhaustion Gap, showing some signs of weakness, and today it lost the black line at 3710, triggering a pivot point that could lead SPX to lower levels.
Since the trend is still clearly bullish, a retest of the purple trendline is something we can work with right now, for the short-term. This target makes sense if we look at the daily chart as well:
We have a Bearish Engulfing today, and this indicates that the index could drop to the dual-support area around the 21 ema and the blue line (previous top/previous support).
So far, I can’t tell that this is a reversal sign because the volume was very low today, meaning that this is not a real sell-off, but people booking profits instead. All we know that this could be the beginning of a pullback to the points mentioned above. Next week we’ll have more info.
These are the Key Points for SPX right now. If this idea helped you, consider following me to keep in touch with my daily analyses. And please, support this idea if you liked it!
Thank you very much, have a great weekend!
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