Hello traders and investors! Let’s see how the SPX is doing today! The index is dropping a lot, but maybe it is not the end of the world (at least not yet).
The thing is, in the 1h chart the index did a breakaway gap, breaking the previous support level at the red line. This usually indicates a strong movement ahead, and the next target is the 4,119 area, which is the next support.
The daily chart will offer us more clues:
The trend is still clearly bullish in the daily chart, and we have no reversal sign ahead. The recent drop is just a pullback, as far as we can assume. We only have higher highs/lows, not lower highs/lows.
What’s more, the index just retested its 21 ema in the daily chart, and it is bouncing back up already. A retest of the 4,119 is still plausible, but any good reaction around this support level would be welcome for the index, and could resume the trend in the mid-term.
But we have no bullish signal yet, so, we must be careful. If you liked this analysis remember to follow me to keep in touch with my daily updates, and please, support this idea if it helped you!
Thank you very much.
The thing is, in the 1h chart the index did a breakaway gap, breaking the previous support level at the red line. This usually indicates a strong movement ahead, and the next target is the 4,119 area, which is the next support.
The daily chart will offer us more clues:
The trend is still clearly bullish in the daily chart, and we have no reversal sign ahead. The recent drop is just a pullback, as far as we can assume. We only have higher highs/lows, not lower highs/lows.
What’s more, the index just retested its 21 ema in the daily chart, and it is bouncing back up already. A retest of the 4,119 is still plausible, but any good reaction around this support level would be welcome for the index, and could resume the trend in the mid-term.
But we have no bullish signal yet, so, we must be careful. If you liked this analysis remember to follow me to keep in touch with my daily updates, and please, support this idea if it helped you!
Thank you very much.
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