SPX: Doing many technical movements!
Hello traders and investors! Let’s see how the SPX is doing today!
First, in the 1h chart, it did exactly what we said yesterday (link to my last analysis below this post), and retested the 21 ema before bouncing back up again. This movement was very technical and expected, and now it is just resuming the bull trend one more time.
Since the momentum is bullish in the short-term, as we see clear higher highs/lows, pullbacks to the 21 ema are opportunities to buy. Either way, the next targets are the resistances seen on the chart: The 4,416, the previous top, and the 4,472, the breakaway gap.
In the daily chart the situation is still dangerous, but the index is trying to break this purple line, and by doing this, it’ll do something new, indicating a possible mid-term reversal sign.
The volume is good (not great, but good), and it looks promising. So far, we don’t see any bearish structure around that could indicate a top level, but let’s keep our eyes open.
I’ll keep you guys update, as usual, so remember to follow me to keep in touch with my analyses!
First, in the 1h chart, it did exactly what we said yesterday (link to my last analysis below this post), and retested the 21 ema before bouncing back up again. This movement was very technical and expected, and now it is just resuming the bull trend one more time.
Since the momentum is bullish in the short-term, as we see clear higher highs/lows, pullbacks to the 21 ema are opportunities to buy. Either way, the next targets are the resistances seen on the chart: The 4,416, the previous top, and the 4,472, the breakaway gap.
In the daily chart the situation is still dangerous, but the index is trying to break this purple line, and by doing this, it’ll do something new, indicating a possible mid-term reversal sign.
The volume is good (not great, but good), and it looks promising. So far, we don’t see any bearish structure around that could indicate a top level, but let’s keep our eyes open.
I’ll keep you guys update, as usual, so remember to follow me to keep in touch with my analyses!
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