Technical Overview of S&P500(SPX)
Good Evening, Everyone!
$SPX ( S&P500 ) as of February 26, 2021: SPX decreased by 18.19 (-0.48%) points.
SPX penetrated the last swing low and made a lower low. It got support from EMA50 and closed above it. SPX confirmed the short-term downtrend by creating a lower low and cracking EMA20. If it continues the down move, the following supports are at AVWAPs @ 3763.86 and 3713.81 and swing low at 3694.12 and EMA100 @ 3684.10. But if it consolidates at this level, the range will be 3789.54 - 3928.65.
Last week we drew the weekly chart with a parallel channel which is also valid for this week. SPX hit the upper channel and pulling back to the centerline of the channel. There is a support of EMA20 at 3696.37 just above the centerline.
We got the monthly chart at the month-end. Like the weekly chart, it is also following an upward channel. SPX touched the upper channel and made an inverted hammer candle, indicating an early sign of a reversal of the trend but needs further confirmation.
The weekly and monthly chart shows that SPX touched the upward channel's peak, but the uptrend is still strong and intact. In the weekly chart, SPX is retracing back to the mean(centerline). We will likely see a reversal from the centerline in the coming week. Unless it cracked the centerline, we are more inclined to the market's optimistic side, but anything can happen in the market, and we are open to all possibilities.
Enjoy your weekend!
Good Evening, Everyone!
$SPX ( S&P500 ) as of February 26, 2021: SPX decreased by 18.19 (-0.48%) points.
SPX penetrated the last swing low and made a lower low. It got support from EMA50 and closed above it. SPX confirmed the short-term downtrend by creating a lower low and cracking EMA20. If it continues the down move, the following supports are at AVWAPs @ 3763.86 and 3713.81 and swing low at 3694.12 and EMA100 @ 3684.10. But if it consolidates at this level, the range will be 3789.54 - 3928.65.
Last week we drew the weekly chart with a parallel channel which is also valid for this week. SPX hit the upper channel and pulling back to the centerline of the channel. There is a support of EMA20 at 3696.37 just above the centerline.
We got the monthly chart at the month-end. Like the weekly chart, it is also following an upward channel. SPX touched the upper channel and made an inverted hammer candle, indicating an early sign of a reversal of the trend but needs further confirmation.
The weekly and monthly chart shows that SPX touched the upward channel's peak, but the uptrend is still strong and intact. In the weekly chart, SPX is retracing back to the mean(centerline). We will likely see a reversal from the centerline in the coming week. Unless it cracked the centerline, we are more inclined to the market's optimistic side, but anything can happen in the market, and we are open to all possibilities.
Enjoy your weekend!
