• The SPX is reacting above its retracements, as I warned on my previous analysis (link below this post);
• Now, the index is trying to close above the retracements and above its 21 ema as well, indicating some strength;
• Last Friday, the volume was quite high as well, another sign that the index wants to recover;
• Since we finally see bullish reactions near its support level, the next technical target is the next resistance at 3,911;
• Is there any chance that SPX could frustrate this thesis? Absolutely, but for this to happen, it must lose the 50% retracement again. In this scenario, it might retest the 61.8% retracement next, or even go to lower levels;
• For now, let’s keep an eye on the 38.2% retracement and the 21 ema, as these are key support levels for the index in the short-term.
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• Now, the index is trying to close above the retracements and above its 21 ema as well, indicating some strength;
• Last Friday, the volume was quite high as well, another sign that the index wants to recover;
• Since we finally see bullish reactions near its support level, the next technical target is the next resistance at 3,911;
• Is there any chance that SPX could frustrate this thesis? Absolutely, but for this to happen, it must lose the 50% retracement again. In this scenario, it might retest the 61.8% retracement next, or even go to lower levels;
• For now, let’s keep an eye on the 38.2% retracement and the 21 ema, as these are key support levels for the index in the short-term.
Remember to follow me to keep in touch with my analyses!
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