SPX: Pullback Ahead! ๐ฑ
โข The SPX failed in breaking our target/resistance at 4k. This is a weakness sign, and it is trying to confirm a pullback today;
โข As I mentioned yesterday, in my previous public analysis (link below this post, as usual), a correction to the 21 ema in the daily chart is acceptable, but it must not drop too much below this point, otherwise, it might resume the long-term bear trend;
โข In my view, the 3,889 is the key support. If the SPX loses it, then the bear market will resume;
โข Meanwhile, the key resistance the SPX has to break in order to reverse the trend is the 4k. Only if the index breaks the 4k we might see something new;
โข Now it seems the index is in a no manโs land again. Letโs keep these key points in mind. Iโll keep you updated on this, as usual.
Remember to follow me to keep in touch with my daily analyses!
โข As I mentioned yesterday, in my previous public analysis (link below this post, as usual), a correction to the 21 ema in the daily chart is acceptable, but it must not drop too much below this point, otherwise, it might resume the long-term bear trend;
โข In my view, the 3,889 is the key support. If the SPX loses it, then the bear market will resume;
โข Meanwhile, the key resistance the SPX has to break in order to reverse the trend is the 4k. Only if the index breaks the 4k we might see something new;
โข Now it seems the index is in a no manโs land again. Letโs keep these key points in mind. Iโll keep you updated on this, as usual.
Remember to follow me to keep in touch with my daily analyses!
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