SPX: Did what we expected! Next key points.

Hello traders and investors! Yes, the index hit our target at the purple trendline in the daily chart, after it lost the support levels we mentioned yesterday. My previous analysis is public, and the link to it is below.

What’s interesting is that it not only hit the purple line, but the index also filled its gap at 4,369.87 (red line, yellow square), again, with an impressive precision.

Naturally, today’s candlestick is bullish so far, as it won’t be easy for the index to lose this dual-support level. Aside from today’s bullish candlestick, we lack other bullish structures in other time-frames, but we have some key points to pay attention:



In the 1h chart, the pivot point at 4,418.61 is the main key point for the short-term, as if the index defeats it, we’ll see the bearish momentum getting weaker, and it might even reverse. The gap would be the first target for us.

However, I agree that the reaction on the SPX so far is good, or at least it is a good start for a reversal. The only thing that could ruin it is the support at 4,369.87, as if the index loses it, the bearish bias will persist for a while.

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Have a good day.