• SPX is in a bull trend, doing higher high/lows in the daily chart;
• In addition, it triggered an Inverted Head & Shoulders chart pattern, as evidenced by the yellow lines, and this supports the bullish sentiment;
• Now the index is facing its first resistance area, made by the previous top at 3,908 (as seen in the daily chart), and by the 21 ema in the weekly chart;
• There’s no top sign indicating it’ll correct, but it is important to keep an eye open in this area, as the odds of a pullback increase near resistances;
• Regardless if the index will break its main resistance or not, we’ll have our answers next week, on Monday, probably.
Remember to follow me to keep in touch with my analyses!
• In addition, it triggered an Inverted Head & Shoulders chart pattern, as evidenced by the yellow lines, and this supports the bullish sentiment;
• Now the index is facing its first resistance area, made by the previous top at 3,908 (as seen in the daily chart), and by the 21 ema in the weekly chart;
• There’s no top sign indicating it’ll correct, but it is important to keep an eye open in this area, as the odds of a pullback increase near resistances;
• Regardless if the index will break its main resistance or not, we’ll have our answers next week, on Monday, probably.
Remember to follow me to keep in touch with my analyses!
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