• The index is correcting this morning, trying to frustrate yesterday’s bullish reaction;
• If it drops to the point of filling the previous gap at 3,790, the index will lose momentum, and it might be hard for it to recover again;
• In theory, the SPX has more upside left, at least to retest its 21 ema, or maybe the 3,911 again, but if it frustrates yesterday’s reaction, it might just seek the next support at 3,744 without any decent bounce;
• Only if the index breaks the 21 ema + 3,911 again it will convince me of a stronger bullish reaction. As long as it stays below these key points, there’s absolutely nothing interesting going on with it, especially with many other stocks doing better/clearer movements;
• Either way, I’ll keep you updated on this, as usual.
Remember to follow me to keep in touch with my daily analyses!
• If it drops to the point of filling the previous gap at 3,790, the index will lose momentum, and it might be hard for it to recover again;
• In theory, the SPX has more upside left, at least to retest its 21 ema, or maybe the 3,911 again, but if it frustrates yesterday’s reaction, it might just seek the next support at 3,744 without any decent bounce;
• Only if the index breaks the 21 ema + 3,911 again it will convince me of a stronger bullish reaction. As long as it stays below these key points, there’s absolutely nothing interesting going on with it, especially with many other stocks doing better/clearer movements;
• Either way, I’ll keep you updated on this, as usual.
Remember to follow me to keep in touch with my daily analyses!
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