SPX: Key Points you must watch from now!
Hello traders and investors! Let’s see how the SPX is doing today!
The index is doing exactly what we said it would do in our previous analysis, as it lost the support at 4,435 (1h chart), turning bearish for a few days. However, it is trying to react, and this reaction came quite quickly.
Since the index lost the purple trendline we knew that the bull trend got weaker, but this doesn’t mean reversal. When this happens, we usually seek the next support level, and in this case, the 4,367 is working nicely. We did a false breakout from it this week, but today’s reaction might indicate that we’ll see a reaction, at least to the 21 ema.
The 1h chart has a bullish pivot point at 4,394, which the index is triggering right now at this moment. This might be the start of something new that will cause the rally to the 21 ema in the daily chart.
If the trend will continue or if this will be a classic Dead Cat Bounce, it is too soon to tell. Let’s just react to the next signs.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
Have a good day!
The index is doing exactly what we said it would do in our previous analysis, as it lost the support at 4,435 (1h chart), turning bearish for a few days. However, it is trying to react, and this reaction came quite quickly.
Since the index lost the purple trendline we knew that the bull trend got weaker, but this doesn’t mean reversal. When this happens, we usually seek the next support level, and in this case, the 4,367 is working nicely. We did a false breakout from it this week, but today’s reaction might indicate that we’ll see a reaction, at least to the 21 ema.
The 1h chart has a bullish pivot point at 4,394, which the index is triggering right now at this moment. This might be the start of something new that will cause the rally to the 21 ema in the daily chart.
If the trend will continue or if this will be a classic Dead Cat Bounce, it is too soon to tell. Let’s just react to the next signs.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
Have a good day!
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