• It seems the SPX wants to react today, but as long as it stays under the 3,818, the bearish sentiment will persist;
• In order to avoid a bearish continuation it is important to see the index reacting and closing above the 3,818 today. In this scenario, the next resistance is around 3,911, as evidenced on the chart above;
• What’s more, the index is trading below the 21 ema, which is pointing down, indicating that the trend is still bearish, and this is another resistance on the SPX;
• Could the SPX hit 4k again? Yes, but it must break the two resistances mentioned above, in order to trigger a bullish reversal structure in the mid-term. Any top sign under a resistance might be just another sell sign, meaning, it would be just a Dead Cat Bounce;
• The next support is at 3,744 (red line). How the SPX will react today might indicate if we’ll seek the next support or if it has some chances of bouncing again.
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• In order to avoid a bearish continuation it is important to see the index reacting and closing above the 3,818 today. In this scenario, the next resistance is around 3,911, as evidenced on the chart above;
• What’s more, the index is trading below the 21 ema, which is pointing down, indicating that the trend is still bearish, and this is another resistance on the SPX;
• Could the SPX hit 4k again? Yes, but it must break the two resistances mentioned above, in order to trigger a bullish reversal structure in the mid-term. Any top sign under a resistance might be just another sell sign, meaning, it would be just a Dead Cat Bounce;
• The next support is at 3,744 (red line). How the SPX will react today might indicate if we’ll seek the next support or if it has some chances of bouncing again.
Remember to follow me to keep in touch with my daily analyses!
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